October 2021

While September's house sale numbers reflected a slow August, October's numbers reflect a robust September. More single family homes sold, in less time for more money. Single family homes now sold on average for 19.4% higher than they did in October 2020. According to several economists, the housing market will likely remain hot, even as mortgage rates and home prices continue to rise. However, some predict home prices will slow to about 7% growth in 2022 as interest rates start to inch up to 3.5%.

In other news, Zillow, the company known for marketing online real estate listings is closing their home flipping division because they made the most common flipper mistake. Using their own home valuation tool, they paid too much for the home, couldn't fix it up in time and couldn't sell it after repairs for enough money to make a profit. When homeowners tell me that Zillow says their home is worth X, I just smile and ask, "Would you rather trust an online robot or licensed professional with a brain with fifteen years of pricing experience to tell you what your house is worth? Would YOU like a price valuation? They're free and I'm happy to help.