As I’ve mentioned in the past, predicting what the market may do in the future is an extremely difficult thing to do. However, while it is hard to pinpoint where the market is exactly going, there are certain trends that I’ve noticed from my experience working with buyers and sellers.
Since the beginning of 2017, we’ve seen a very strong seller’s market. Homes have moved quickly, prices have been high, and competition among buyers is intense.
This has caused some homebuyers to take a step backward from the market because they think they can, and should, wait for a market shift—which they believe is coming soon.
The advice I like to give to my clients, however, pertains to what is happening right now, instead of what may happen in the future. Nevertheless, I have noticed small factors in the market that have started to change my perspective regarding where things are headed.
Recently, for example, my team and I sold three homes to three of our buyers for slightly below market value.
The reason this came as a slight surprise to me is that each of these homes were staged, marketed, and priced in such a way that they should have absolutely flown off the market. Instead, these homes were on the market for 27, 32, and 50 days.
Right now, it’s hard to say whether or not we are experiencing a shift. What I can say is that certain pockets of our market are indeed slowing down.
If you are a seller, now could be a good time to meet with a Realtor. My team and I would be happy to consult with you about our thoughts on your home and its value. If you wait too long to list, you may be leaving some money on the table.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.