We are seeing some definite changes in the Real Estate market. We are sitting at the beginning of an adjustment period as the market returns to a more NORMAL market.
NORMAL - Listing inventories are growing again, meaning Buyers have more choices. When Buyers have more choices, prices often go flat, or decline.
NORMAL - Listings will be on the market for an extended period of time versus a few days or a few weeks when we had multiple offers. Currently, homes are taking 3.3 months to sell. Previously, unskilled Agents could take a listing and it would sell quickly. It will take a more skilled Agent to get a home sold in a normal market.
NORMAL - For Sale By Owners are not selling quickly and more than ever, need good Agent's advice once again.
NORMAL - Sellers are lowering prices and skilled Agents are helping them make those decisions on a regular basis.
NORMAL - Agents working with Buyers have the luxury of more homes to show and the frenzy of having to buy has disappeared.
NORMAL - Interest rates and financing have become a factor for both home Buyers and Sellers.
NORMAL- There is less profit appreciation in home ownership, which expands the number of transactions as more people will be qualified to buy.
NORMAL - We will once again see more Expired listings and frustration on the Expireds listings part as they look backwards at the higher prices that we had last year.
All in all, the market is not falling apart, it is just returning to a NORMAL market, creating more competition for Sellers and more home choices for Buyers, requiring aggressive, skilled Agents to get a home sold.