A Balanced Market is Good For Everyone…Even Sellers.
As we closed out the third quarter, we are no longer in a shifting seller’s market, but now fully shifted into a balanced market.
In September the total number of sales decreased 11% over the 5-year average, new listings coming onto the market in September were up 12% from last year. The combination of fewer sales and more listings is helping restore balance to a local market that had been well entrenched in sellers' market territory earlier in the year. As a result, active MLS listings — or current inventory of 3,897 at the end of the third quarter — is up 37%.
What does this mean? Or how might this affect you?
Move-up Sellers:
-more predictability with the final sale price of your home
-a clearer picture on how long it will take your home to sell
-more homes to choose from on your next purchase
-buying first or selling first are both options in a balanced market
Buyers:
-more homes to choose from
-less pressure to act quickly when you find the perfect home
-less bidding wars
-often times you can write in conditions to your offer in a balanced market (financing, inspection, etc)
Downsizing Sellers:
-more predictability with the final sale price of your home
-a clearer picture on how long it will take your home to sell
-more options to choose from with condos, townhomes, and single family homes on the market now
-buying first or selling first are both options in a balanced market
There are some fabulous opportunities in a balanced market environment. Instead of homes being priced in a compelling manor, waiting for multiple offers to roll in and seeing what the market dictated selling price wise; now competitively priced homes are still selling quickly but relatively close to asking price.
Predictability and consistency in our balanced market benefit everyone.
