The Riverview real estate market performance for September 2017 seems to have hit the brakes, so to speak. In all, though, it was a good month for sellers.
Nevertheless, there is an indication that sales might be slowing down a tad.
New Listings & Homes Sold Showing Signs of Slowing Down
When comparing the last month's New Listings figures to that of last year, Riverview new listings came up short - 25% to be exact. Furthermore, that number was the lowest figure in the last six months.
The same holds true for Homes Sold in Riverview!
Here's an infographic breaking down a few of the important factors as it pertains to the Riverview real estate market performance...
Interest Rates Take A Hike
Another reason that the Riverview real estate market performance for September 2017 slowed is the rise in interest rates. As of August, interest rates hovered around 3.75% for a 30 year mortgage.
While the slowdown could be attributed to other factors, such as hurricane Irma, the Riverview real estate market performance is still in a good position. Median home prices in Riverview have skyrocketed since January 2016 ($169,990 in Jan '16 and $215,000 in July '17)!
That puts new home buyers in a bit of a pinch. With a shortage of inventory and rising home prices, some home buyers, particularly millennials, might be forced to make some hard decisions.
Do they wait or buy now? While my answer would be "there's no time like the present", my concern is that we end up repeating the same mistakes of 2007.
If you're a home owner thinking about selling, then you need to work with a Realtor® who knows a thing or two about marketing your home and exposing it to the maximum number of potential buyers (don't think too hard...that would be me 🙂 )