You are wondering if the market is crashing? We’ve just come through about two years of unprecedented seller’s market. What’s happening now? Is the market crashing? Nope, it’s just shifting.
What does the shift in the market mean? Will we continue to see spikes and swift changes in the coming months.Let’s refer to what the experts are saying. Hi, I’m Sherri Echols, Broker Associate with RE/MAX Bryan – College Station, and I’m here to help you make the best decision about your real estate needs.
With the time its taking homes to sell currently slowing down, we are seeing the market start to look more like it did before 2020.
Looking at this graph from NAR, [Slide 4] projections are showing home sales turning toward a more balanced market. Now, the last two years have been unprecedented in terms of the sale of homes. Going back down to numbers like 2019 is not a bad thing, we had a good market at that time!
But there is still more work to be done to get to that point. Danielle Hale, Chief Economist with Realtor.com says, “Active inventory continued to grow, rising 21% above one
year ago…In other words, we’re starting to see more options, but the market needs even more before home shoppers have a selection that’s roughly equivalent to the pre twenty twenty housing market.”
Also, interest rate hikes have made it harder for buyers to qualify for as much house as they could get with lower rates, but it’s really not much different than what they were experiencing over the past year where they had to offer
significantly over asking to even be in the running to get their offer accepted.
There are options and we can help you analyze things you may not be thinking about when making a decision about buying. Connect with me to learn more about the market and if it’s the right time for your next real estate move.
I’m your Community Market Leader Sherri Echols, a helping hand for a happy home.
