The market is starting to shift, but that doesn’t mean you need to worry. Here’s why.
The real estate market in our area is starting to change. While sellers have been in control for the last two years because of low inventory and high prices, we are now starting to see a rebalancing of the market.
Nationwide, homes are sitting on the market longer and there are fewer multiple offer situations.
Also, sellers are demanding less of their buyers. Homes in poor condition, which were previously selling with ease, are no longer moving off the market the way they were in the recent past. Today’s buyers have more power to negotiate certain concessions over the course of the deal.
Here in Puget Sound, we are seeing more inventory. In less than two months, we have jumped to over a month of inventory, and in some cases, even closer to two months. So while it isn’t perfectly balanced and isn’t a buyer’s market, if you’re in the market to purchase a home, you’re most likely feeling better now than six months ago.
For sellers, it’s still a good time to sell. You just need to be more realistic about what’s going on in the marketplace and know that you can’t be as demanding with buyers as before. If you are, you’ll lose potential buyers because they have more options available to them.
If you have any questions about this or are interested in learning more about buying and selling, please feel free to reach out to us. We look forward to speaking with you soon.