In the real estate industry, appraisers are like historians, while agents are more like fortune tellers. Why do I say this? Well, appraisers establish value based on what’s happened in the past. Agents, on the other hand, tend to examine market trends and make guesses about what may happen in the future. And today, I’m going to share some of my own predictions with all of you.
Before that, I’d like to point out what’s been going on in our market up to this point.
Prices have been on the rise for a couple of years now. Meanwhile, the level of available supply is shrinking. When these factors combine, it creates an interesting impact on the overall market.
Because these two conditions vary by price point, some buyers may choose to reposition their search by looking within more expensive brackets, since higher price points tend to have higher levels of inventory.
For as long as prices have been trending upward, it only makes sense that they’ll soon have to come back down. If you’re putting off listing in an attempt to ride out rising prices a little longer, you may want to reconsider. There’s no telling how much longer this upward trend can continue.
Pressure is being put on our market, and buyers are no longer paying as much over asking price as was once the case. In other words, now may be the time to sell your home and take advantage of current conditions while they last. Buyers are getting tired of multiple offer situations, so don’t delay if you hope to earn top dollar.
If you have any other questions, would like more information, or would like help realizing your real estate goals, feel free to give me a call or send me an email. I look forward to hearing from you soon.