As the U.S. housing market continues to improve, sale prices continue to grow as buyers are waiting for more inventory to open up. More importantly, at Russ Lyon Sotheby’s, buyers are wondering if the seller’s market is over?
The answer is yes and no. It looks like the real estate market in 2017 will be similar to 2016 with tight inventory and more first-time home buyers coming to Russ Lyon Sotheby’s due to a stronger job market and low interest rates. In some regions of the country and at certain price points, though, there are signs of shifting away from a sellers market.
Where are the Changes?
One change is with buyers who are not as willing to accept higher prices and aren’t interested in bidding wars. Sellers seem to be more willing to negotiate. At Russ Lyon Sotheby’s, these shifts are happening in cities with lower population growth. In cities with population booms and a lot of new buyers, sellers seem to still have the upper hand.
How Can You Still Buy?
Even if it remains a seller’s market, you should still be able to qualify for a loan through Russ Lyon Sotheby’s. It just takes strategy. realtor.com surveyed home shoppers and more than half are planning to buy a home in about seven months during the popular months during spring and summer.
However, it’s recommended if you want to avoid bidding wars, either buy now or wait a year until the market thins out again next fall. If buying now isn’t an option through Russ Lyon Sotheby’s, remember, the real estate market operates in a cycle so it’s just a matter of time before it becomes a buyer’s market again.