This is a different holiday market than the one we saw last year, and buyers and sellers have to adjust their expectations accordingly.
This is the time of year where both supply and demand typically drop in our market, but the numbers tell us that’s not happening this time around.
Inventory is up 35% compared to this time last year, which means home sellers are facing a lot more competition. On the flip side, demand has decreased by 8% compared to last year. Furthermore, our average days on market has increased from 62 days to 124 days.
What does this mean for buyers and sellers? The bottom line is this: It’s all about expectations.
What can you expect from our market as a seller? Things are starting to shift in favor of buyers for the first time since the start of 2011. Homes are taking longer to sell, but price is still king, and homes that are in great condition and priced accurately will sell quicker than other homes. Pricing your home based on its location, condition, and upgrades is essential.
If your home needs a bit of work or is in an inferior location, you’ll need to adjust your price accordingly and be patient. Moving forward, the market won’t be as fast paced as it has been over the past several years.
What about if you’re a buyer? You may be in the driver’s seat, but prices aren’t dropping, so don’t get ahead of yourself and start writing unrealistic, lowball offers in the hope that a desperate seller will bite. We’re not in a deep buyer’s market—that only occurs when the expected market time surpasses the 150-day mark—but homes are no longer flying off the shelves like they once were, and you don’t have to rush anymore.
If you’d like to know more about our current market or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d be happy to help you.