Here’s why our market isn’t slowing but rather softening right now.
Is our real estate market slowing down? Not necessarily; I prefer to say that it’s softening because we’re still in a seller’s market, and inventory levels remain incredibly low. However, more sellers are starting to feel comfortable with selling their homes as they become less concerned about COVID-19. Additionally, fewer buyers are currently in the market due to buyer fatigue, multiple-offer situations, and insane bidding wars.
If you’re considering selling, now is still an excellent time to list your home. With all the appreciation that has occurred over the past few months, the bar has been set high for pricing. There are no indicators that values are decreasing, and we’re still seeing appreciation in most areas.
“We’re still in a seller’s market, and inventory levels are still incredibly low.”
If you’re thinking about buying, now may be a great time too. As more homes become available, buyers won’t see all the frenzy that’s been happening in the market over the past several months. You’ll have a slightly larger selection of homes to choose from than you’ve had for months. There likely won’t be any major deals to be found, but you’ll be able to make an offer with more reasonable terms, such as a lower due diligence fee, no rent-back, etc.
You also won’t have to settle for a home that isn’t a perfect fit. You might even be able to buy a home without going $100,000 over asking price! Along with that, keep in mind that interest rates are still exceptionally low.
All these trends forecast a more normal market, which is beneficial for everyone. If you’d like to discuss the market or your home, in particular, feel free to message or call me at any time. I’d love to help you.
