Interesting… Looking back at last year at this time, the difference is that inventory has increased 81%!
What’s also interesting is to find out that the time on market also went up considerably – almost to two weeks on average before properties went under contract.
This is in stark contrast to only eight days last year.
And, the prices have come down… but not that far down.
How has the market shifted?
Buyers are starting to think that there is a huge drop in pricing. Many imagine that they can get a deal for $25,000, $50,000, maybe even $100,000 off of an average price home. This is generally not the case. On average, sellers are still getting 100% of their asking price.
In our shifting market, what does this mean for Buyers?
You can expect to not have to fight it out the first weekend that a property hits the market…. but keep in mind, the cherries of the market will still go quickly and very possibly over asking price.
What about sellers?
Sellers, the Golden Age is over for now – you have softly landed but are still fetching extremely generous pricing for your properties. You’ll just simply have to adjust your mind shift from multiple offers well over asking price, “as-is”, with no appraisals, etc. to a more “standard” closing with a generous offer price, perhaps some inspection objections, and negotiable terms if the full value does not appraise.
We shall see what next month brings!