Why are some markets slowing down?
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Some markets and locations are beginning to slow down as home prices surge. Why is that? There are four key reasons:
1. Prices have been accelerating at a rapid pace for the last 12 months. With our low inventory and low rates, many sellers and brokers are forming false expectations about how to price their properties, sometimes causing them to overprice them. That’s causing some homes to sit on the market longer.
2. Over 200 million vaccinations have been distributed throughout the country. As a result, more families are becoming comfortable with listing their homes and allowing the general public to flow through their property to see it.
More families are becoming comfortable with listing their homes.
3. Rental moratoriums are coming to a close. That means many families who haven’t been able to pay rent will soon face eviction, and many who have forestalled foreclosure are now facing foreclosure for the first time in over a year because of the changing political climate.
4. Real estate is cyclical. Many markets have already peaked and are now beginning to resume a certain degree of normalcy because of the increasing surge of inventory.
If you’re thinking about selling your home and have any questions about how to get the best price and terms in today’s market, feel free to reach out to me. I’d love to help you.
If you’re thinking about selling your home and have any questions about how to get the best price and terms in today’s market, feel free to reach out to me. I’d love to help you.
