Our market is slowing down slightly, and here are the reasons why.
Our market has been in a frenzy over the past few months, with homes drumming up multiple offers and selling within days or even hours of being listed. Now that we’re nearly at the end of the summer season, however, things are starting to slow a bit. Kids are going back to school, vacations are wrapping up, and people are getting ready for fall’s quick approach. It’s all affected on homebuyers and sellers.
“Many houses are still selling above and beyond their list price, but not as many as we saw before.”
Some people say the market is crashing, but we almost always see a seasonal slowdown in the market during this time of year. The market has not shifted—it’s just a little less crazy than it was. Homes are taking a little longer to sell—they may be on the market for a week or more instead of being sold within days or hours. We’re also seeing fewer multiple-offer situations; in my opinion, this is a good thing. It may help stabilize the market and temper the skyrocketing prices we’ve been seeing.
We actually saw prices dip slightly over the last month. Many houses are still selling above and beyond their list price, but not as many as we’ve been seeing recently. Further, we’ll likely see more inventory come onto the market, which is typical for this time of the year. This should give buyers more opportunities to buy a home.
If you’ve been thinking about buying or selling a home, now is a perfect time to jump in and accomplish your real estate dreams. I’d be happy to help you throughout the buying or selling processes, so feel free to reach out to me whenever you’re ready to get started. I’d also love to answer any questions you may have about our market. Until then, I look forward to hearing from you soon.