The market has slowed, but it doesn't FEEL like it has slowed for buyers or sellers. That's because supply and demand have kept pace with the market.
Here is what I mean.
Fewer first time buyers are entering the market. So fewer first time buyer home are selling. The folks who want to sell what were their first homes and plow their equity into their move up homes are waiting longer for a sale.
Other first time sellers are cashing in on the outrageously expensive rental market. They are keeping their first homes, renting them out, and buying their move up with a low down payment home loan.
Flipping to the sellers side of the market.
There are fewer homes for sale than we typically see in November. Especially move up homes in the $450,000 - $690,000 range for move up buyers. So the market is pretty tight for buyers in the move up market. Really nice homes are selling fast.
The move up market is kind to home sellers who have priced their homes AT the market. Those sellers who have overpriced their homes to test the waters, or exclaiming, "Don't buyers make offers???" will find out the hard way that savvy buyers pass them buy, in favor of other houses that are in better condition, and priced at the market.
Sellers of move up houses typicall go one of two direcetions: Some sell so they can move up to their trophy home... their McMansion... their custom built monstrosity on 5 acres; Others sell because they are retiring and moving south to a warmer climate.
As with the move up homes, there are fewer trophy homes for sale right now, so the market seems fast for folks in the market for their trophy homes have fewer choices in the $700,000-$1Million+ price range.
This market is all about low supply, and low demand in the first time buy category. When more first time buyers come back to the market, the supply will go up across the board as seller confidence improves.
Are you thinking about selling and moving up. Or are you thinking about buying your first home? You may have a free, over the phone consultation with Erick Blackwelder about your options, and what you may do next that will move you forward in the process.
Text or call Erick at 703-677-1120.
You may also search for homes using the most accurate home search software at Erick's website.