Season for Change
Updated: Dec 8, 2022
Well, we are beginning to see a change in the season but are we also seeing a change in the market? There are several factors that indicate the real estate market is beginning to change. In the next few weeks, let’s look at some of these factors that influence market changes. Some of these include: Days on market, Credits offered to buyers, Sales to list price ratios, Price changes (increases or reductions), Housing inventory, and Sales pricing. Notice I didn’t put sales pricing at the beginning of the list. That is because typically it is one of the last indicators to adjust as it takes a while to change course. It is important to also note that not all properties do corrections at the same pace. A high-end home may drop fast, while an average-grade home would drop a little, and a low-end home might stay stable during the same market time. Sometimes we even see market shifts at certain times of the year, like around the holiday season. Next time, let us look at the DOM (days on market) for our area and see what is happening. Stay tuned! But until then, have a wonderful day!