For the past couple of years, I’m sure you all have been hearing how it’s a sellers market, and that now is the time to sell. But what about now?
With home prices plateauing, interest rates rising, and inventory increasing, all signs are pointed in the direction of a buyers market. Don’t get me wrong, sellers are still netting decent prices on their homes, but not in the time frame or competitive nature we’ve been seeing the last couple of years.
For a while, we were seeing about 3 homes close per every newly listed, minimal days on market, and minimal price reductions happening. Let’s take a snap shot at the activity of today alone. In Simi Valley there were 6 new listings, 8 price reductions, 2 back on markets with only 4 closing. See the turn?
So you’re probably asking yourself, what’s the difference between a buyers/sellers market, and how does it impact me? Simply put, a buyers market is seen when there is an increase in inventory, more homes on market leads to lower pricing. In a sellers market you will find not only less inventory, but higher prices due to its competitive nature.
What does all this mean? Well, if you’re buying, now may be the time to jump on it. With another interest rate rise looming, you may as well get in before they go up and save yourself the interest payment. If you’re selling, don’t panic, now is still a good time. Sellers are still netting considerable gains over the last few years, you just may want to allow more time for your upcoming move.
Want to know more about a buyer or sellers market? Or have any questions in general? Let me know!