Smyrna Vinings home sales remained at record highs in September. Mortgage rates are rising, home prices are rising, sales are rising, but not inventory. While mortgage rates have risen, it hasn’t deterred Smyrna Vinings home buyers. With rates likely to increase as we continue through the year, will we finally see some buyers step aside and the market cool off a bit?
Under the new tax plan, remember that mortgage interest deduction will be capped at mortgages up to $750,000 and state and local taxes (that means state income taxes and property taxes) will be capped at $10,000. While the standard deduction was doubled, the elimination of the personal exemption makes that largely a wash. And with itemized deductions limited, you’ll see more people taking the standard deduction in the future. But with all that said, we don’t expect a big impact to the housing market in the short term.
This chart shows you the past 12 months of home sales at any given point. As you’ll notice, home sales have exceedingly improved over the past nine years.
2018 Smyrna Vinings home sales are likely to continue the upward sales trends of the past couple years.
The Active Listings chart depicts Smyrna Vinings homes currently for sale. As a general rule, we’ve seen inventory increase through the May to July range and then see the amount of Smyrna Vinings homes for sale reduce towards the end of the year. While sales and months of inventory numbers vary drastically from previous years, the one thing you can count on is that inventory decreases in the last quarter of the year, as indicated above. The big difference of course is that the overall number of homes on the market is just much less than in years past due to homes selling so quickly.
As expected, there was an decrease in the number of homes for sale in August. As long as sales remain at record highs, then it won’t become an issue. Sellers are starting to understand that now is a great time to sell and take advantage of the current market. Pending home sales continued to do well in September 2018. With historically low interest rates, look for sales to continue to show strength in 2018. If you’re interested in new construction, here are all the latest Smyrna Vinings new construction homes for sale.
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As sales are improving, we’re also seeing prices increasing as well. We’re going to continue to see more equity sellers in the market and fewer distressed properties as we move forward over the next couple years. This will result in continued low inventory levels as the number of equity sellers that can afford to sell will be outnumbered by buyers eager to take advantage of prices that are still very reasonable and interest rates that are phenomenal.
If you’ve thought about selling and just aren’t sure, be sure to contact us or find out how much your home is worth. Less competition is a good thing if you’re ready to sell.
One other important statistic that we like to track is the overall health of the Smyrna Vinings home market. Months of inventory is a calculation that takes the current amount of homes for sale and divides that by the number of homes that have sold in the last 12 months. What the result means is if no more homes were listed, how many months would it take, based upon the past 12 months activity, to sell all the homes currently for sale.
A result of 6 months is considered a healthy market, less than 6 months a seller’s market and more than 6 months, a buyer’s market. What we can see from the chart above is that we have lower inventory levels right now than at any point in the past five years. Compare that with the highest amount of bloat and most severe buyer’s market in July of 2009 with significant improvement starting in mid-2010 and continuing through today.
In September, inventory levels hit a lower level than any past year in the same month. As prices have increased this year, we have seen a big pickup in new construction and an increase in resale activity as more home owners can afford to sell. We are a seller’s market based on current inventory levels of 2.6 months of inventory versus a balanced market of 6 months of inventory. What this means as you will continue to see prices rise from here as demand outpaces supply. Smyrna Vinings home buyers are buying homes very quickly in today’s market.
That is your Smyrna Vinings homes sales activity recap for September 2018. Hope that was helpful and don’t hesitate to contact us if we can help you sell your Smyrna Vinings home or find your new Smyrna Vinings home.
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