Market Slowdown?? Where is it headed???
We all talk about the real estate market. We all watch it…We all want to be informed so we can make a better decision for our families.
The truth is…no one is able to predict the future. ??
??We have been enjoying double-digit appreciation for over a decade and that it is, obviously, unsustainable.
?? It is impossible to catch the market at its highest or lowest point. Market trends can only be established when data is collected….and data is collected over a certain period of time. By the time we get the trends, it’s been already a few months.
However, those of us who have been in these market swings multiple times are able to recognize the signs of a changing market almost as it starts to happen.
It will take a team effort and mutual trust between you and your broker, to get YOU, the most you can get in an ever-changing market.
Some of the signs we see that indicate a shifting of the market are the following:
Homes stay on the market longer.?? The average days on market goes up just before and during a market shift.
Inventory increases. You will start seeing more homes for sale around you.
Sellers stop receiving multiple offers. There are no bidding wars anymore…only negotiation.
There are fewer home sales. You will start to see more houses expiring.
Sellers begin making multiple price reductions. To combat the lack of market activity, many sellers who are listing at the start of a shift will reduce their property’s price a number of times.
??Interest rates increase. ??Interest rates have been going up steadily for the past few months.
Right now, our local market is showing about five of these seven signs, meaning we’re likely transitioning into a buyer’s market.
If you are thinking about making a move in this market, it is imperative to have guidance from an agent with experience, knowledge of a changing market and track record.
No online blog or website information will ever be able to replace the experience an agent can offer you??
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