“The real estate market is changing”
The real estate market is changing. It is cooling down and going from a seller’s market to a buyer’s market slowly..
Here are the signs…
1. Homebuyers have more listings to choose from—but less borrowing power, due to continued high prices and
increasing mortgage rates. This means sellers may not be able to whip up those epic offers they hoped might come
their way.
2. Bidding wars are rarely happening. Buyer’s have many more homes to choose from and they are not in a rush to
give a bid. Now buyers may offer only list price or less.
3. Homes are taking much longer to sell now. Instead of selling in days it is taking weeks or sometimes months to sell.
If a property is priced right and sellers are honest with themselves about how much they can get for their home, it
won’t sit for long.
4. It seemed like the condition of a home didn’t matter. There was so much interest and so few homes on the market
that prospective buyers were willing to look past any deficiencies or odd quirks. Today’s buyers, however, are more
discerning. These days it seems that homes must be showroom ready in order to sell.
5. During the extreme seller’s market of the past two years, sellers enjoyed many unusual benefits, one of which was
getting contingency-free offers, or bids without inspections or appraisals. Today, sellers can anticipate buyers reining
their offers in by coming in under asking and by asking for repairs or seller concessions. In addition, the sellers may
even want to offer incentives to make their home more attractive to buyers who for the first time in years, are seeing
the market begin to shift toward their favor.
No one can predict exactly what happens. As a Realtor who has been selling real estate in Los Angele since 1991,
I’ve seen the market change many times.
I’ve lived and worked through many buyer’s and seller’s markets.
This time is different from others. We didn’t have a pandemic to recover from the other times.
Article by Aviva Motavassel
Aviva Motavassel