Following a very strong 2013 and start of 2014, the local real estate market has definitely leveled off in the last 6 months meaning that home prices haven’t really continued to rise but at the same time, they haven’t pulled back too much either. There has been more inventory on the market mainly because properties are sitting longer than they were just a few months ago, causing inventory levels to rise. While historically we are still in a seller’s market based on inventory levels, we are transitioning to a buyers’ market as home shoppers now have a lot more choices than they did a few months ago. With properties sitting on the market longer this is giving buyers are able to be pickier and negotiate harder.
Interest Rates are still near historical lows and recently dipped taking them down to the lowest levels in almost a year. This is good for both Buyers and Sellers as low rates help Buyers afford more property for the same payment and at the same time keep Buyers in the market enabling Sellers to accomplish their ultimate goal of selling their home.
The Market is still strong in general and will likely continue at this pace throughout the rest of the year. While you will likely see a slow down around the Holidays which is expected this doesn’t mean that the real estate market won’t continue to move strong after the start of the New Year.
If you are considering buying or selling, I would love to talk to you in more detail about your goals so I can help guide you through the process. I can be reached anytime at 714.376.2711.
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