The past few months we’ve been looking at the trends year of year and month to month. While that data gives us an idea of where we are today compared with the past few months and even last year, it doesn’t always tell the whole story. Interest rates have risen dramatically this year, but in the past few weeks have come down a bit from their highs. The news may have you believe values are dropping drastically, but that is just not what we are seeing. Yes, we have come down a bit from our peak early in 2022, but year over year are holding steady. The biggest number is the appreciation from 3 years ago, before the pandemic and before the housing market went crazy.
In the North Valley, we have seen a 50% increase from 3 years ago. In the West Valley, we have seen a 27% increase. These are enormous gains in value!! While each neighborhood may be different, this is an important perspective to keep in mind if you are considering selling. Not just to see the gains you have made, but also where the reality of an appropriate list price will be.
If homes are priced properly, they will have a better chance at spending less time on the market. As I’ve discussed previously, the rise in interest rates and continued inflation are causing changes in our market and affect the buying power of those looking to purchase. Ultimately, when it comes to price, it will always come down to condition, area sales and what others are willing to pay for the same house. If you are interested in learning more about your options or to discuss this in more detail, please feel free to call or email.