There were quite a few less new listings throughout our southernmost Illinois counties in November. There weren’t too many closings this past month either. As you can see though, in Massac County, the residential properties that closed had all been on the market quite some time. The average days on the market for the six homes that sold was 278 days, or over 9 months. Typically when listing property, the property is listed for 6 months.
4th Qtr 2018
Sellers are often times scared to list property around the holidays and in the winter months. The drop in new listings this past month proves that. But should they be? In November, we helped our clients negotiate accepted contracts on 14 properties. These should all close by the end of the year. This will reduce the number of properties on the market for buyers to consider. Why wait until Spring to sell your home? Winter is a great time to put your home on the market when other sellers may be waiting until Spring and inventory is low. Low inventory typically drives prices up.
Looking Ahead to 2019
No one can predict the future, but there are few things we can count on.
- Millenials make up the majority of new home buyers. Some are even buying bigger homes and selling their first.
- Mortgage rates are increasing. It is predicted that mortgages rates will hit 5.5% by the end of 2019. If you to buy a home, it would save you money to buy now rather than wait.
Other 2019 trends can be found here.
We look forward to seeing how 2018 will end. We are on track to end the year with at least, if not more, units sold and $$ sold than 2017. 2019 is going to be an exciting year for us. There are some changes coming from the Egyptian Board of Realtors, which we are a member of, that will result in changes in the way we present our listings to you. There will be updates to our website and other marketing ideas we will be incorporating to sell your properties!.
If you ever have questions about buying or selling property, any of our agents would be happy to meet with you. In the meantime, feel free to browse through our listings here.