Let’s go to the Tape

As the first official post for this website, I’d like to start by looking at the overall market conditions in Homer and the surrounding area and keep it at a high level.  I’ll try not to get too nerdy!

I pulled data and corresponding charts from the MLS, as well as talked to local mortgage and title companies, to affirm where I feel the market resides for buyers and sellers. 

We can see that over the past few months, we are seeing inventory go up, as well as units sold.  Buyers so far in 2024 were looking as early as February (Pending).  Inventory is now matching demand better as people are getting their properties “gussied up” to be more attractive to buyers.  (Late Spring pictures of beautifully staged houses with flora typically increase your chances of selling quicker at your asking price vs Winter or Breakup).

Another interesting dataset shows where seller perception of their property is hitting reality.  We saw a hot trend in early Q1 on days on market to asking listing price acceptance. But Q2 that trend reversed.  We are seeing listing price vs final selling price coming down almost 10% with days on market +60.

So, what does that mean for Sellers and Buyers?

Sellers: The higher selling prices in the beginning of the year are not there.    Prospective buyers  are wary of paying too much as inventory is coming in.  If you ask too high to the comparables, it makes selling your property less likely.  Trick is to avoid having to drop your listing price for perception.

Buyers: Inventory is going up.  We’re seeing a significant uptick of listings in the past 2 weeks in our office, as other agencies are as well.  Saying that, if you find the right home or land, get moving!  Summer months bring a lot of visitors who fall in love with the Homer Dream too…and sometimes these people buy on the spot!

For either Buyers or Sellers looking for experienced guidance,  talk to your local Realtor ®, preferably me!  

Let me Guide You Home

This article is the author’s personal opinion and does not represent the views of the author’s employer, organization, or other group or individual.  Do your own due diligence and refer to the appropriate professionals for further assistance.