The real estate market has been shockingly good to sellers for the past several years, but as with all good things, it won’t last forever. Real estate trends point to a slowdown on the horizon, and sellers on the fence are sure to have regrets if they miss out on what’s left of the current seller’s market.
Why You Should Get Sellers On-Board Before the Market Cools
While it’s still a seller’s market across most of the country, the shape of the market is changing. Buyers are getting pickier, taking into account how each home stacks-up against competing listings. Homes lacking desirable features or those not competitively priced to compensate for shortfalls are beginning to linger. Sellers that want to cash-in on the seller’s market momentum of recent years need to move quickly. What real estate trends are driving this change?
-An increase in listings.
Home listings are finally, albeit slowly, increasing. Buyers still outnumber inventory, but this won’t last forever. The earlier sellers list, the less competition they’ll endure.
-A slow-down in home price growth.
Though prices continue to rise, price growth has slowed compared to the furious pace of previous years. 15% of homes listed in January saw price cuts.
-Demand for homes less than $300k.
Homes below the national median price ($289k) are still in high-demand. You may still see multiple offers in this arena.
-Rising mortgage rates have temporarily stalled.
Instead of rising as predicted in 2018, 2019 30-year fixed-rate mortgage rates have fallen to a 12-month low of 4.37%. This offers opportunities for new buyers, and sellers hoping to make a step-up post-sale.
-Millennials are stepping up to the plate.
5-million Millennials will turn 30 in the next couple of years, entering the market. At the same time, older Millennials may be looking to step-up, offering sellers ample opportunity for a profitable sale.
Don’t fear change, make the most of evolving real estate trends withthehelpofPropertiesOnlinetoday.