As a buyer, are you ready to jump on the price reduction bandwagon?
I’ve been talking a lot about the market shifting lately, especially in the higher-end price points. Prices have been rising steadily for the past several years, interest rates are creeping up, and all the news about how great our market is has many homeowners convinced that now may be the perfect time to sell for top dollar.
This has caused a huge influx of homes to hit the market. As a result, homes are taking longer to sell. As homes take longer to sell and buyers have more options, demand for any specific property tends to fall for a couple reasons.
First, when there is more of something, it’s worthless—this is simple supply and demand. Second, people tend to struggle with making a choice when there are too many options. Homes aren’t worth as much right now because there are more of them, buyers are paralyzed by all the choices they have, and homes are taking longer to sell. When homes take longer to sell, sellers get frustrated and reduce their prices.
You need to be ready for these price reductions because now is a great opportunity to get the home you want at a great price. Keep a close eye on interest rates, though, because if prices fall but rates keep climbing, you’ll end up paying more for a home that you actually bought for less.
If you are ready to enter the market and find the right home for you, reach out to me so I can give you a free buyer consultation and get the process started.
If you have any other questions about our market or you have any other real estate needs, feel free to call or email me anytime. I would love to help you.