It has been 10 years since we have seen two straight months where 25+% of all sales were of properties with price reductions. We have had months of a drop in existing home sales and in new home sales. We have had months of increases in market times.
It sounds rough. It’s not. It’s a market correction coupled with basic affordability tension(rates and prices that rose together). What we have experienced over the past 50 years during market tweaks like this is that home prices will be in that affordability sweet spot soon enough and we will be experiencing Buyer competition again. In the meanwhile as a Seller know that properties sell, just for a little less and it will take more time too. If you’re a Buyer know that it’s your market(be it for a short time)! And if you’re a FLIPPER, start accumulating properties now.
Another group growing in strength and speed and about to get bigger and faster…INVESTORS. You know, the people who you run into and they say “I have a bunch of buildings/houses/condos that I own and that has become my job managing them.” In addition to the recent market trends there seems to be no slowdown of rental demand so our Landlord clients are very active buyers to say the least!
We can’t predict the future but we can be smart about the signs of the times. All signs say “market correction”. It’s happening. Don’t flip out. Be smart.
COUNT ON ME!