3 Huge Changes in Our Local Housing Market

Three major changes in our housing market you need to know about. 

What are the three most significant changes I've observed in the real estate market over the last three months? Today, I'm here to discuss the rapid and somewhat unconventional shifts occurring in the real estate market, highlighting three major changes affecting both buyers and sellers:

1. Seasonality is back. In the past couple of years, the real estate market seemed impervious to factors like holidays, weather, or pandemics. However, we've witnessed a return to a more traditional ebb and flow in recent months, where buyers adapt their market activity based on seasonal changes. 

"Buyers are less eager to make offers on homes." 

2. Sellers are offering concessions again. Three years ago, buyers were willing to do whatever it took to secure a property. List prices were just a starting point, and buyers would present competitive offers with escalation clauses, appraisal gaps, and sometimes even extravagant concessions. Now, buyers aren’t so eager to make offers. Inspections, repair requests, and other concessions are back. While this is great news for buyers, you need to make sure you take stock of the situation with your agent before asking for a concession. 

3. Buyers are exercising caution. Unlike the frenzy observed a couple of years ago, where buyers were eager to secure a property at any cost, recent months have seen a shift. Factors like interest rates, media influences, seasonal trends, and economic conditions have prompted buyers to approach property investments with greater caution and thoughtfulness.

Regardless of whether you're buying or selling a house, having an agent attuned to your local market is more critical than ever. If you're interested in learning more about our approach and how we assist buyers and sellers daily, please call or email me and my team. We’d love to hear from you!