How to proceed in a Cooling Housing Market!
Now that the crazy Covid Market is mainly behind us (super low inventory and frantic buyers) we’re starting to see the housing inventory rise. But it’s still a sellers’ market. In the spring of 2021, we had an average of about 300 homes for sale (a lot of homes going on the market and a lot of homes being sold). Today, we have about 727 homes for sale (in the Greater Antelope Valley Association of Realtors MLS… multiple listing service). I know this sounds like a huge increase, but fact remains, there are more home buyers than there are home sellers. I don’t think there will be a leveling off until we get to about 1,500 homes on the market… or possibly even more than that.
I believe buyers will be able to get their offer accepted without removing ALL their contingencies up front (which some were doing just to compete with the… 20 other offers). And home sellers should price their homes closer to the recently sold homes (not pricing their home 5-10-15% above the last sale). Markets fluctuate, so strategies should be adjusted accordingly… for both buyers and sellers. There will be more competition for the home seller (than there was earlier this year), and the buyers will have more inventory to choose from. Because of the increase in inventory, I believe that some homes will have multiple offers on them but not all… bringing us back to a more normal market…. If there is such a thing!
Again, interest rates still play a huge part in the housing industry. Keep an eye on the 10-year Treasury Note. This usually plays a big part in the mortgage rates. If the Federal Reserve keeps raising the Federal Funds Rate, I believe it will put downward pressure on the housing prices.
If you have any questions about this or any other real estate related matter feel free to call, text or email me AND. If you know of someone that is thinking about selling or know someone that would like a free market evaluation on their home, just let me know and I’ll be happy to accommodate them.
And Remember… we have a PROVEN METHOD that shows You how to get YOUR HOME SOLD for the HIGHEST PRICE POSSIBLE and in the LEAST AMOUNT OF TIME POSSIBLE!
Take care, be safe out there and have a GREAT day!
Sincerely
Ron
