Is this a buyer's market? No - it’s just a lighter seller’s market. Our market is slowing, so buyers who can afford to move forward have more options, time, and negotiating power. And yes, we finished last month with more listings than we had before the pandemic, but it’s only about 5-6 weeks of inventory. If no more properties entered the market, within weeks we’d have no more homes for sale. A buyer’s market has over 6 months of inventory (about 32,000 properties/month). During the 2008 crash, our metro area peaked at 36,000 listings.
The thermostat got turned down on our market from 120 to 80 degrees. We’re so used to an intense-to-extreme seller’s market, the drop feels “cold.” But serious buyers are on the hunt for a home like yours. Average sales prices are still stable, month-over-month (and higher than last year). So sellers are successfully closing just by doing the basics: price well, make your home presentable/show-worthy, give buyers time to tour/decide, and negotiate with a win-win mindset.
Buyers, since the recession isn’t impacting our market like it did in 2008, there’s a strong possibility next spring could be competitive with higher prices. Talk with your lender now about your budget. Let’s revisit your goals and must-haves (whether it’s your first or next home). Even if you discover it’s better to wait (or to start looking), it’s empowering to know your next steps. Text, email, or call me at 303.912.5394 or email@example.com.