If anything can be said with certainty, it is that the real estate market is, at best, unpredictable right now. Some properties are getting multiple offers and over asking price, while others, despite similarities, are experiencing minimal buyer interest and extended market times. This buyer hesitation, influenced by stock market fluctuations and general economic concerns, has contributed to an uptick in deals falling through during escrow and more price reductions than we are used to seeing this time of year.
Compared to last year, we're seeing a marked increase in available inventory, while home sales have decelerated. Notably, approximately 35% of homes on the market nationally have experienced a price drop, more than any April in the past decade. This underscores a broader trend of price reductions, which is unusual for the spring season, and also underscores the importance of Sellers understanding market variables and pricing accordingly.
Recent political and economic events have left some buyers and sellers feeling uneasy, prompting them to delay their real estate transactions until the market landscape becomes clearer.
What Does This Mean for You?
Sellers: Patience and realism are key. Pricing your home taking in current market conditions is imperative, and there is not a "one size fits all" strategy when selling your home so important to speak with your agent about different options.
Buyers: Now could be a time of opportunity. Be pre-approved and ready to make offers. With current uncertainties in financial markets, it's an excellent time to consider purchasing a home if you are ready and committed. As I always counsel my clients, be prepared to take advantage of any opportunity.
If you would like to discuss further, please feel free to reach out.