Here’s what a changing real estate market means for homebuyers.
We’ve been in a hot seller’s market for a while now, but things are beginning to change. There are signs that we’re shifting from a seller’s market to a buyer’s market, which means things will be far less competitive for buyers. If the market shifts, you may no longer need to worry about bidding wars on each and every home you see.
After the pandemic began and interest rates plummeted, a lot of people decided they wanted to buy a home, and many of them were competing for specific areas. You’d get to a home showing and see a line going down the block, and you’d think to yourself, “There’s no way my offer’s going to get chosen.” Well, I think that’s starting to change.
People may start to spread out more, so demand won’t be so concentrated in certain areas. This means buyers will be able to make an offer without waiving contingencies or using other strategies to stand out. If you’ve been looking for a while, you can now come into the process with some different options available. You can search for a home, find one that matches your needs, set a showing, and make an offer without competing with hundreds of other buyers.
When the market was blazing-hot, people were submitting offers immediately—even on homes they’d otherwise pass by—just to get a chance. With today’s shifting market, buyers can now feel more confident that the home they want is one they’ll be able to win.
If you have any questions or would like to begin your home search, feel free to reach out to me. I look forward to hearing from you soon.