There’s a lot of talk, media chatter, and press going around about the current real estate market. The best way to describe it is “the market is shifting.”
𝙅𝙪𝙨𝙩 𝙬𝙝𝙖𝙩 𝙞𝙨 𝙖 𝙢𝙖𝙧𝙠𝙚𝙩 𝙨𝙝𝙞𝙛𝙩?
When the supply of listed property is more than the demand it’s a buyers’ market. Sometimes this can cause prices to decline.
A sellers’ market is when there is a higher demand for properties than the active available properties. This often results in bidding wars and higher sale prices.
𝙎𝙞𝙜𝙣𝙨 𝙤𝙛 𝙖 𝙎𝙝𝙞𝙛𝙩𝙞𝙣𝙜 𝙈𝙖𝙧𝙠𝙚𝙩
• A lot of Expiring Listings – an increase shows signs of a shift to a buyers’ market.
• Change in the Number of Offers – a decrease shows signs of a shift to a buyers’ market.
• Absorption Rate – when it takes more than 6 months for all the listed homes to sell it’s a shift to a buyers’ market.
• Days on Market – A longer selling period for listings often indicates a shift to a buyers’ market.
There’s a lot of talk and press about the current real estate market. The best way to describe it is “A Shift.” d to price realistically and buyers should see less competition when they submit an offer. Thinking about buying or selling? Let’s talk about marketing your home as the market shifts. Thinking of buying? Let’s start with a local lender…then begin your home search.