For the last several years, sellers have had the upper hand in the market with thinning inventory and a deluge of buyers willing to pay. For the first time in that same number of years, the market has shifted. Sellers had become accustomed to selling their home during the first weekend on the market with multiple offers. Those offers stopped in late spring of this year, and it’s now customary to find listings with 20 to 30 days of market time.
Sellers were accustomed to pushing prices as high as they dared, and often got the results they were hoping for. Buyers got discouraged and often backed away from the search for a new home. Now buyers have discovered they can be patient and be rewarded for it! Buyers are gaining control and sellers are having to be wise and astute about how they prepare and price their home. This shift is a good thing. The pendulum had swung too far to the seller’s side of the equation though it is still a sellers’ market.
Buyers – now is your time to buy, and Sellers – it is still a strong market.