It feels like it! We have been saying in our office – an equilibrium is coming. Let’s look at some facts. The interest rates have been cut a bit; let’s hope for a little more. With this more Sellers are placing the homes on the market and some of the Buyers who were priced out due to prices and interest rates are coming back into the market. We have discussed in our office – the FEEL. Many of us have been around long enough to ‘feel’ the market. It feels like we have seen more Sellers, more price reductions, longer days on market. (NOT pre-Covid) but definitely more than the last 4 years.
We are correct. Seems Realtor.com has done some research too. I have always said…you want to know where the NE Real estate market is headed?…. Look at Florida. We are always 6 months or so behind them; not to get into the reasons why, but remember many of our aging population moves south, so technically a large number of the Florida residents are NE residents (transplanted) therefore they have the ideals and ideas of those of us left up here in the NE.
According to realtor.com, there are 34% more homes on the market in September than ONE year ago. That is the highest inventory since April of 2020! Wow, we felt that. Their report says the number of listings has gone up in every region. The increase was 42% in the south, while the NE has seen an increase of just 14%. They also report that the median sale price has decreased by $5000. We felt that too! And the report says 1/5 (20%) of homes on the market cut prices before they found their buyer.
So, hold on folks, an equilibrium may be what stabilizes the housing market after all. Time will tell.
