This market is in flux and we don’t know exactly when it will shift back to a seller’s market. Smart buyers are taking advantage of this window.
W are seeing listing numbers continue to grow while the Cromford Market Index (the measure of whether and by how much we are in a buyer or seller’s market) continues to fall to the buyer’s advantage. We have not seen the buyers come out and get active. So, there is some downward pressure on home prices.
We’ve seen drops in home prices in our area. Two of our listings have dropped in price just last week. We don’t know how long this will last, for two reasons.
First, interest rates will rise this year. While they are not expected to rise dramatically, when people see them begin to rise, they will begin to buy homes.
Second, once prices drop to the point the market correction is completed, the buyers will start buying and prices will continue what I expect to be a long upward trend in CenPho.
If you have any questions about buying or selling your home, please contact me at 602-456-9388 or firstname.lastname@example.org.
Make it a great week!