Understanding the market you are in will help you when buying or selling your home.
Supply for homes has been growing this year, but there is still a shortage of homes on the market. Due to higher rates, the number of buyers putting offers on the same listing is less than last year. Sellers are still receiving multiple offers in our area, but competing with less buyers. Homes that are priced right are still selling fast. Sellers have not miss the window, as they still have plenty of opportunity to list their homes.
Which means sellers still have the upper hand in our current market.
This is still beneficial for buyers comparing to one year ago. Now there is a lower number of buyers competing for the same home as they would have seen a year prior.
As we shift towards a normalized market, home values are still projected to increase. Meaning a property you buy today will gain equity over time.
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