Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Price Evaluation
The media reports low inventory and rates, yet we experienced slow sales in the last quarter. Professionals in the industry agree this could be from the lack of balance between buyers and sellers. We don’t have as many buyers as we have sellers!
Let’s go back to the housing crisis last decade. Some people weren’t affected by the economy change and decided to take advantage of low prices. However, many people weren’t able to sell. Many owners became landlords by default since they couldn’t successfully sell the property for top dollar. They rented the property for a handful of years, and now, they’re finally looking to cash out since the market has recovered.
Normally, we experience 50% of sellers are also buyers. Right now, 75% of our sellers now are not buying. They already own a second property and already made the move. There are less domino effect transactions making this market less predictable. That’s the main reason for the market climate we see today.
If you’re interested in learning more about this topic or have any questions, we’re here and happy to help! Give us a call or send me an email today. It’s important to talk to the right people. I’m also open to any suggestions for future videos!