For quite some time, our company's founders have predicted a market shift to a seller's market. We are currently comparing our local market stats in terms of available listings to that of this time last year. We have 18% fewer listings; quite a reduction. In speaking with other agents in other markets as well as reading articles throughout the country, other areas are experiencing the shift as well.
What does a seller's market mean for a buyer? It means there is the possibility of getting into multiple offers when the house the buyer wants is priced well, location is good, and condition is good. Multiple offers can drive the price up, possibly beyond the buyer's means. How disappointing to lose the house of their dreams! I recommend locally that buyers jump in right now before it gets worse. Some of our local lenders are offering down payment assistance to make it easier. https://www.youtube.com/watch?v=MvFBzW2xwg0
What does a seller's market mean for a seller? It means that they are in a better position competition-wise, and some of those minor objections buyers may have had in the past will not be as important now. Live on or near a busy street? Buyers may be able to overlook that. If contemplating selling your house, now is the time. https://www.youtube.com/watch?v=LlktxtoM6ig
How long will we be in this market before it shifts back to neutral or to a buyer's market again? I have heard projections of possibly 12 to 18 months, but it could be longer. Don't wait for the pendulum to swing. If you try to play the game, you may wait too long.