There is no doubt the market is changing; it is certainly slowing from the frenzy we’ve seen throughout the last few years. But what is it exactly that’s changing about it?
We’re glad you asked…
We are coming from an extremely elevated sellers’ market; a time when “highest & best” prevailed in the contract writing process. Driven by record low inventory and unheard-of interest rates, multiple offers were commonplace.
The tides are shifting now, and many buyers hungry for low rates and powered by the adrenaline of competition have left the market – by choice or by circumstance – leaving more homes on the market and more options for those buyers who are still motivated to move.
Sellers have learned that they have to come more prepared when listing. Buyers are favoring homes that are already upgraded, or ready to move-in. Gone are the days when even unfavorable homes would fly off the market. So, too, are the days when overpricing your home would still attract buyers… and price reductions have come back into reality.
None of this means home values are decreasing, nor does it point to a housing bubble or crash. We can see from the data that the market is normalizing. In short, there are still too many buyers and not enough homes on the market for real estate transactions to just STOP. Inflation & increased mortgage rates have certainly caused consumers to sober up, but the reality is this: There will always be people who need to move/buy a home and there are still a lack of homes available in the marketplace.
If I had a crystal ball, we’d be sitting on my private yacht having this discussion. But I don’t… and it’s difficult to time markets. If you need to move, you should go for it. Just buy the house and don’t look back. At Taylor Home Partners it is our mission to be your guide on this journey. We’ve done the research, we’ve come prepared. Let us sherpa you on the journey of buying or selling your next home!
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