Recently the National Association of Realtors (NAR) has been stating that home sales have been falling, even as home prices have been rising. They are saying opportunities for home buyers are opening up. Currently median home prices and interest rates are higher, and this is making buyers skittish, but this may not last much longer. Home sales have dropped slightly over the past year and the median price has reached a high point in many locations. Now supply and demand have neared a balance market, and the inventory of houses has reached the highest point in four years, moving into a buyers’ market. With increased equity over the past few years sellers are in a better position to cash in on their increased equity. In addition, buyers are seeing the possibility of more choices with less competition and the ability to make a better deal. There has been an increased number of homes on the market from the previous year and these homes are staying on the market longer. Recently cash buyers have purchased a large chunk of homes that are available. These are the buyers who are able to bypass higher mortgage rates. Now it appears that second home buyers and investors make up a large portion the home sales. As far as first-time home buyers, they continue to find ways to purchase a home.
Real estate is all local. My market in Burlington NJ continues to be a seller's market.
Thanks for sharing, make it a great Tuesday and enjoy your week.
Bill Salvatore, Realtor- Arizona Elite Properties
Hoping those interest rates continue to decline. That has put the pinch on my vacation home market
Hello John and thank you for sharing this great blog with us here in the Rain. Time will tell how the market will be soon.
The U.S. housing market is gradually shifting in favor of buyers. As inventory increases and home price growth slows, buyers are gaining more leverage in negotiations. Unlike the recent years of fierce bidding wars, today's market allows buyers to take their time and explore multiple options. Sellers are more willing to negotiate on price, closing costs, and other concessions, making it easier for buyers to find a home within their budget. Additionally, with interest rates stabilizing, buyers can plan their finances more effectively, leading to a more balanced and favorable home-buying experience in the current market.
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