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What Our Changing Market Means for You

Are we currently sitting in a buyer’s market or a seller’s market?

“Do I stay or do I go?” We’re sure you remember these classic song lyrics from the ‘80s. If you’ve been contemplating moving recently, you’ve probably had them running through your head. Let’s look at where the market is at so you can make an informed decision on whether to stay or go.

Recently, we’ve been experiencing a hot seller’s market. That means inventory is low, demand is high, and properties sell extremely fast and often over list price. There’s a lot of competition among buyers in a seller’s market, so it can be challenging to purchase a home. On the other hand, a buyer’s market has higher inventory and not as much demand. In this climate, homes might sit on the market just a little bit longer, giving you more time to make decisions.

Where are we now? We’re not in a seller’s market anymore, but we haven’t fully transitioned over into a buyer’s market yet. The current climate is more balanced. Homes are sitting longer on the market than before, and interest rates are hovering at historic lows. Today, 15-year and 30-year loans are sitting at 6% and 6.5%, respectively. Along with the increase in inventory, these factors have taken some pressure off the market.

“We are no longer in a crazy sellers market.”

A lot of the fears that we’ve been having over the last few months, like homelessness, bidding wars, and quick decision timelines, have been settling down. That’s great news for this market. So, if you’re looking to buy a home, reach out and let your favorite agent create a strategy for you.

For sellers, let your agent secure you a buyer for your home. They can create a plan for you and even set up a simultaneous close. For buyers, interest rates are still low, and with homes sitting longer on the market, you can take your time and find your dream property.

We’re here to help you navigate these changing markets. If you have any questions, feel free to call or email us.

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