With all the recent changes in the real estate world people want to know, “Is it a buyer’s market, or a seller’s market?”
Well, honestly, neither…
Sellers were definitely the top dogs of the real estate market over the last couple of years, but as home sales slow and inventory increases, the market seems to be balancing a bit more, and buyers may soon take the advantage.
That sounds like great news if you’re planning to buy a new home, right?
Don’t get too excited just yet!
Yes, you will likely have more home options to choose from, and you probably won’t face the intense bidding wars that have been the norm lately, but that doesn’t mean that finding your dream home will be easy-breezy either.
Here’s what we know so far:
- Interest rates are STILL going up which likely means you’ll be able to afford less house than you could just a few months ago.
- There is more inventory on the market than in previous months, but that doesn’t mean there are countless houses to choose from. Plus, the unpredictable market is making some sellers reluctant to list their homes, so limited inventory could continue to be an issue.
- Listing prices are dropping, and that’s good news for prospective buyers, but you still might have a hard time finding a house that meets your needs AND fits your budget.
- Houses are staying on the market longer. A few months ago, it wasn’t unheard of to have a contract within a matter of hours, but now it might take weeks before the right offer appears. Buyers, take heart! The longer a house is on the market, the better your chances become to snag it below asking price.
If you’re ready for a new home, don’t let the unpredictable market scare you off.
The housing market is constantly shifting, and there’s never a PERFECT time to buy a house. The best thing you can do to ensure an easy home-buying process is to work with an experienced, licensed realtor, and I’d be honored to help you find your next dream home!
