What’s happening in our market now that the holidays are gone and 2019 has officially begun?
At the end of last year, our market started to shift into what I call the “new market.” In the “old market,” there was a lot of energy and a lot of multiple-offer situations happening, but in the “new market,” inventory is slowly rising and we’re starting to see price reductions. Now, buyers are pulling back and taking their time buying homes.
This doesn’t mean the market is crashing—it just means we’re entering more of a normal market. Interest rates are also slowly rising, but no one is predicting that will have a significant impact on the market. People still need places to live, and from a historical perspective, rates are still very low.
Essentially, what we’re really talking about here is an economic slowdown and nothing more. This means it’s still a good time to buy or sell a home.
If you have any more questions about our market or you’re thinking of buying or selling a home, don’t hesitate to reach out to me. I’d be glad to help you.