Buyer’s Market? Not Quite, But Better!
https://www.nar.realtor/infographics/existing-home-sales-housing-snapshot
Remember the terrible old days of seeing, what seemed like 10 minutes worth of inventory on the market? Prices going through the ceiling? 4,000 offers on every house available?
That was not that long ago. It was a terrible experience being a home buyer (or the agent). “If you want the house you gotta give up a leg. I’m sorry.” Hopefully those difficult days are far behind us.
What’s going on now is the market is starting to soften up a bit. Sales have been trending downward when you compare the numbers to a year ago.
Inventory is a tad less than a year ago. Not that long ago these numbers were well below the 2.2 months of inventory mark, especially in the DC Metro area.
Median sales prices are still trending upward. When will it stop? When buyers stop paying.
What does this mean for home buyers?
It just means you should keep an eye on the market if you are looking to make a purchase in the next 30-60 days. Fewer sales could mean things are sitting on the market a little longer than they have been recently. This may give you an opportunity to present an offer that stands out in a smaller crowd. You are, more than likely, not getting a discount but you may be able to get an offer accepted.
What does this mean for home sellers?
If you already have an exit strategy mapped out, you may want to sell sooner rather than later if you want top dollar. Sellers may want to consider the timing of the market. If the sales volume keeps trending downward there is a chance that pricing could start the same trend.
Most people list their home on the open market to SELL, not just sit. After a short period of time without the home selling, price reductions usually start to take place.