The current real estate market is shifting back to a more balanced market. Consumers are hearing the current market described as “returning to a normal market”. I believe a better characterization to be a more balanced market. My primary reason for saying that is that a more normal market would be one where prices would be decreasing due to increased interest rates, which is not really the case in this local market, and that there would be higher inventory creating declining pricing. With limited inventory, pricing is fairly stabilized, or in some cases increasing locally.
Balance means opportunities for buyers and sellers.
Buyers - Opportunity to offset costs of higher interest rates than a year ago with seller incentive opportunities.
Sellers - Low inventory continues to keep prices at high levels, providing equity opportunity for many sellers to utilize for the purchase of their next home or to leverage their personal financial position.
When discussing the market with clients and customers, I so often hear them say “well I am hearing…….”. It’s important for consumers to always remember that what they are hearing is generalized and that real estate always needs to be looked at from a localized perspective.
Buyers and sellers need a knowledgeable and experienced Realtor who can provide them with specifics applicable to their properties and real estate goals to allow them to achieve their best success in their real estate transactions.
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