It was a great year in the local Oakland County, Michigan real estate market for home sellers but home buyers had a different experience when purchasing a new home with many paying thousands over asking, forgoing inspections and contingencies of all kinds to nail down the perfect home. Forward to todays housing market with rising interest rates, a slowing economy and the uncertainty of the housing market shows that the homebuyer and seller advantages are at a stalemate favoring neither at this time, bringing in the new year with more uncertainty of which side will be on top for the spring market in the new year.
Buyers and Sellers Analysis
A new analysis finds the national housing market favors neither buyers or sellers right now. It's the first time the market has been in neutral territory since July 2020. Sometimes you have no choice but to move. Maybe you need to relocate for a better job or have to get a bigger space to accommodate a growing family. Whatever the circumstances, life may force you to find a new place to live. In those cases, you don't have the luxury to consider market conditions or whether now is the best time financially to make a move. But, if you have a move in mind and you're not on a specific timeline, you may be wondering whether now's the best time and if today's market is better for buyers or sellers.
Well, according to one recent analysis, the answer may be neither. The data shows that – according to key housing market metrics like sales, inventory, and time on market – the U.S. housing market entered neutral territory in October for the first time in two years, with the 100 largest markets split pretty evenly. In fact, 51 markets favored sellers, 39 were neutral, and 10 were buyer's markets.