The beginning of this year was a very fast seller’s market, and it looks like we may have plateaued for a little while. We’re starting to see properties lingering on the market for more than 24 to 48 hours, and there are fewer bidding wars. Does that mean the market is changing?
We believe the market is changing, but only slightly. Most properties aren’t staying on the market for longer than a week to two weeks, and with all the activity we’ve experienced, we’re able to gauge where buyers think a property should be valued.
What does that hold for the future? Typically during June and July each year, the market slows down slightly. That has a lot to do with people’s lifestyles; school is out, vacations are scheduled, and many people don’t even begin to look again until closer to the fall. However, that doesn’t mean there aren’t still plenty of transactions happening.
Additionally, interest rates are still low, so we still foresee a strong, fast-paced year ahead of us. There’s actually a little more inventory now than there has been over the past few months!
If you have any questions about the market in general, or buying and selling a home, reach out to us. We’d be happy to speak with you.