Here’s what you need to know about our shifting housing market.
Have you noticed something strange about our real estate market recently? Things are starting to shift, and if you don’t know what’s happening, you won’t be able to prepare. That’s why I want to share a few things you should look out for in our changing housing market:
1. Inventory will increase. When you drive around your neighborhood, you’ll notice more signs in peoples’ yards.
2. Price reduction will become more common. Sales prices won’t be affected at first, but people will begin listing their houses for less.
“It’s not too late to get a fantastic deal on your home.”
3. Days on the market will increase. Without crazy-low interest rates, homes will sit on the market for more than just a few days.
4. Seller concessions will return. Sellers will likely start paying buyers’ closing costs again to make their homes more attractive.
The data from the last eight weeks shows many of these trends already playing out. Price reductions in the $400,000 to $500,000 range have increased 71%. The higher the price range, the more common these reductions become. In the $800,000 to $1.5 million range, price reductions have increased by 175%.
What does this mean for you? You may start to hear a lot of doom and gloom from the media, but it’s still possible to get a great deal on your home. List prices may drop, but sales prices will remain largely unchanged. If you work with an experienced professional, you can still get top dollar for your home.
If you have questions about today’s topic or anything else, please call or email me. I look forward to hearing from you!