Is it a buyer’s market or a seller’s market? As one of my most frequently asked questions, I can say that, typically, it varies from region to region and city to city.
In our market, interest rates are still historically low. This means that buyers are still looking to get into the market, and sellers who price their homes correctly can still sell relatively quickly (30 to 45 days). The real answer, then, is that it’s neither a buyer’s nor a seller’s market. The conditions are optimal for either party to take advantage of.
What does the housing inventory currently look like? What we’re now seeing is a steady increase in housing inventory. This means that there are more options for buyers. As inventory increases, home values will decline in direct proportion to the number of homes that are listed.
What are the interest rates like? As stated above, interest rates are at one of the lowest points that they’ve ever been. This makes it a great time for buyers to get into homes, especially as inventory increases.
So, what does all this information mean to buyers and sellers as a whole? For buyers, it means you’ll have more choices and you’ll be able to purchase at amazing interest rates. For sellers, it means that—in light of the increase in inventory—pricing your home correctly will be critical to your success.
If you have any questions, or you’re thinking about buying or selling your home, please give us a call or send us an email. We’d be happy to help in any way we can.
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