Back now with our special show, ‘A Market Shift,’ looking at signs that the solid seller’s market we’ve seen for years across America might be turning towards a buyer’s market.
We’re going to wrap up this hour of the show by examining what that might mean to you. We’ll talk about selling your home in our next hour…but right now? Let’s talk about what this might mean to you if you’re buying a house.
In short? It’s good news – IF it’s really happening. We have heard reports from many markets, that the feeding frenzy is slowing down. But in your market? Maybe, maybe now. For the latest information in your area – ask the local market expert. Your Realtor.
Now. If the market is shifting where you want to buy a home, this is a positive development.
If there are fewer buyers out there, and possibly more homes on the market, you might experience a much more relaxed transaction.
You might be hear about a new home coming on the market, and possibly wait a day or two before going to see it. And once you do? You might be able to actually think about it before you make an offer.
That’s a huge change. Because up to now, in many price points in many areas, you’d have to move fast – to get the house. Like, within hours in some cases. Now? With more homes, and fewer buyers? You might be able to take your time.
Another potential change? List price. In the frenzied sellers’ market, buyers were often forced to bid way above list price, to shut down the other buyers, and get the house. Well, those bidding wars may be on the way out. Because with fewer buyers out there, and more houses for sale, sellers might just get one offer – and they might be willing to negotiate.
Speaking of negotiations, you probably heard that in many areas around America, buyers were skipping the home inspection, just to get the house! Well, if the market does shift from sellers to buyers, you can count on getting that home inspection…and making sure you’re getting a good house…not just a “roll of the dice” house.
But there’s one other thing we know. If the market does shift from sellers to buyers, it will probably be pretty balanced. In other words, the buyers won’t hold ALL the cards….at least not for a very long time.
I mention that because in a solid buyer’s market – with lots of homes for sale, and hardly anyone buying them, those who do buy can often make low-ball offers…and still get the house. There’s no sign of that on the horizon.
Because when markets shift, they don’t move like a see-saw….one week a solid seller’s market, the next a solid buyers market. They move slowly. And as they change, you can expect a long period, in which the market is balanced.
Giving buyers a chance to get a house, and at the same time, giving sellers a change to get a good price.
And speaking of sellers, we’ll examine how this possible market shift will affect you if you’re selling your home.