Why Seller's Need To Pay Attention To A Coming Buyer's Market
Nationally, home sales are below last year's levels, home values are appreciating at a slower pace, and there are reports showing purchasing demand softening. This has some thinking we may be entering a buyer's market after seller have had the upper hand for the past several years. Our Local Market Locally, we are experiencing a market shift. August 2018 vs 2017, pending sales are down 9%, closed sales are down 3% and the total days are on the market is longer, up 18%. Prices are up from last year but that is also slowing. Things are changing. But what is happening and what does this mean for you as a upcoming home seller. The market has definitely softened. However, according to two chief economists in the industry, we are a long way from a market totally favoring buyers. Dr. Svenja Gudell, Zillow Chief Economist: “These seller challenges don’t indicate we’re suddenly in a buyers’ market – we don’t expect market conditions to shift decided