Are we seeing a shift in the local housing market?
The hope is that prices will flatten a little bit and we won't see the crazy price increases we have seen over the last 24+ months. Though I don't think there will be a correction, the shift to a more balanced market is a welcomed one with more inventory, more time to make decisions and do our due diligence, and buyers not having to compete in multiple offers for each and every property.
Naturally, there will be "pockets" of homes and condos that will still generate over asking price sales, but I think that will become the exception and not the rule.
The result will be a change in strategy for both buyers and sellers, and a hopeful balancing of supply and demand. We will see if this continues over the next 6-9 months.
The short answer is; yes.
There has definitely been a shift over the last few weeks in the housing market as we are seeing listings outpacing sales for the first time in months. Add to this a little "buyer fatigue" and we can see indications of changes on the way.
The hope is that prices will flatten a little bit and we won't see the crazy price increases we have seen over the last 24+ months. Though I don't think there will be a correction, the shift to a more balanced market is a welcomed one with more inventory, more time to make decisions and do our due diligence, and buyers not having to compete in multiple offers for each and every property.
Naturally, there will be "pockets" of homes and condos that will still generate over asking price sales, but I think that will become the exception and not the rule.
The result will be a change in strategy for both buyers and sellers, and a hopeful balancing of supply and demand. We will see if this continues over the next 6-9 months.
The recent increases in interest rates may or may not ultimately affect the pricing but will certainly affect the majority of buyers' buying power.
Agree or disagree? I'd love to hear your comments send me a message!