Change of times? A buyers market
Are we moving to a buyers market? In my opinion YES! In the past 2 months, the market has changed. Even though inventory levels are still low, more and more homes are coming on the market for sale. Gone are the days of hundreds of foreclosures and short sales flooding the market. However, the homes that are coming on the market are just sitting, especially if buyers do not see the value of the purchase price compared to the condition of the house. Buyers are waiting for better deals to come on the market. Additionally, buyers are getting an edge with less cash investors and fewer multiple offer situations. So we are seeing significant price reductions and seller's offering incentives to buyers. Furthermore, interest rates are as low as they were last year, so buyers can borrow more for less. This is terrific news for buyers who waited to purchase a home. According to an article in REALTOR® Magazine, Real Estate company RedFin is predicting a home sales surge in the next couple of months. The article states “Home buyers who have been willing to wait for better deals are starting to be rewarded for their patience, as sellers drop listing prices to meet buyers more value-focused expectations." Buyers are not rushing out to find their home NOW. On average, its taking 1-3 months of home searching for buyers to find the home for them. Their patience pays off when they get the home they want that was listed at $350,000, reduced to $330,000 and into contract at $310,000.
Check out the complete article: A buyers market
Essentially for the buyers who have been patient and wiling to wait to buy a home, the next 3 months will be prime time to do so! The Real Estate industry know that the slowest times for sales are during the holidays, so buyers can get a great deal on their home with a great agent and a little patience! But don't wait too long, interest rates have only one place to go: UP!
Search Stockton homes for sale: HERE