November Market Update and National Thing of the Day!
It’s almost turkey time! We hope that you and your family get a chance to relax and enjoy each other’s company over the next few months. We are excited about this month’s National Thing of the Day and Market Update video – as we celebrate Happy Hour and feature one of our favorite musicians, Joey Gutos (and the popular Jordan also!). As always skip to the end for a quick Market Update (about the 4:10 mark) or skip to the end of this email for a graphic and summary.
Here is your Market Update for November, 2021. As always, let us know if you have any questions!
The market continues to send mixed signals. Here’s what we’re seeing:
Demand is still strong, with a solid presence of non-owner occupant buyers.
The iBuyers have eased up on their buying spree, with Zillow announcing this week that they have put a pause on purchasing through the end of the year.
iBuyers as a whole are holding onto a decent amount of inventory; those homes would be a welcome addition to the tight supply.
iBuyers “bought high” in Q1 & Q2, so it may take some time before those homes can be sold without a loss.
Of the homes that iBuyers have put out into the market for sale, many have had price reductions, and/or have sold for less that what they purchased for.
The next few months will be interesting!
