Home Sellers’ Market or Buyers’ Market Today
There is a lot of conversation about the changing times in real estate right now. Is it a home sellers’ market or buyers’ market? For that matter, it strikes the same chord as the housing bubble dispute.
So, let’s look at the data first. According to CNBC, here are a few points to keep in mind:
KEY POINTS
- The supply of homes for sale jumped 9% last week compared with the same week one year ago, according to Realtor.com.
- Real estate brokerage Redfin also reported that new listings rose. This was nearly twice as fast in the four weeks ended May 15 as they did during the same period a year ago.
- Pending home sales, a measure of signed contracts on existing homes, dropped nearly 4% in April. Month to month and were down just over 9% from April 2021, according to the National Association of Realtors.
Certainly, sales are slowing significantly because of the higher interest rates. In turn, this is causing a leveling of the playing field. Which could mean a better situation for both the sellers and the buyers. Ultimately, if you’re selling a home, you are more likely to be a buyer as well.
Home Sellers’ Market or Buyers’ Market: Suitable for Both
If you are a seller, it is important to get the right price for your home. Furthermore, this is still a suitable time to sell or buy a home. Currently, the weather is in our favor. Just check out this article on the best time to sell your house. Late spring is a prime time for selling. And due to the jump in inventory, you will have more to choose whether it be downsizing or upsizing.
Local Take on Sellers’ Market
Coincidentally, GoLocalProv.com authored an article about the state of the housing market. GoLocalProv.com is an online source for local stories related to sports, business, weather, lifestyle, politics, arts, and entertainment.
Speculation is that we have passed the highest prices in the sellers’ market according to many local realtors. But don’t expect prices to drop. In fact, “Rhode Island is still appropriately priced if not underpriced compared to our neighboring markets. You know we’ve got a great quality of life; we’ve got 400 miles of coastline [and] you can buy a waterfront home with a dock for under a million dollars.”
Dias Team Real Estate
Regardless of market conditions, we have a crystal-clear vision of what it takes to be successful in helping people accomplish their real estate goals. Contact us today to get started.
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