Is Real Estate Heading Toward a Buyer’s Market in 2019?
26.6% of homes saw a price drop in September
The rumors are true! The housing market is finally showing signs of cooling off. After steady growth over the past few years, September saw record price drops all across Massachusetts. In fact, Redfin reports that 26.6% of all homes saw price drops last month, the highest number on record since 2010.
What does this mean for home buyers?
This is great news for home buyers! Inventory has steadily increased since last spring, which has relieved some of the pressure felt by home buyers. This additional inventory, combined with changing interest rates, is making the home buying process less stressful. Home buyers can expect to see fewer offers, and thus less competition, on available homes, while some homes will even have price drops due to lack of offers.
When you see a price drop, it does NOT necessarily mean anything is wrong with a home; in today’s changing real estate market, a price drop is normally used as a tactic to attract more buyers to a home. It is safe to assume that the market is heading towards a buyer's market and that price drops will become increasingly more common as we head into 2019.
Time to sell your home?
While home prices are stabilizing, we feel confident that they will not decline. In fact, this is still a great time to sell. There are plenty of buyers out there house hunting, including some who have been looking for years! If your home is priced correctly it will still sell quickly. You can take advantage of this hot housing market as long as you follow one rule: don’t get greedy. Understand that the housing market is cooling and that you'll need to price your home in accordance with the comparable properties around you. The days of Melrose buyers paying $50,000 over your asking price are likely behind us.
For help buying or selling your home in this changing market, trust your local experts! No one knows the ins and outs of the local real estate market like the people who work within it every day.
Call Commonwealth Properties today and let us help you find the right strategy for your real estate needs.
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Written by: Prescott White, Broker
Commonwealth Properties
617-600-8415
prescott@WeAreCommonwealth.com
