After years of a gradually increasing housing shortage, more homes are finally hitting the market...meaning buyers may soon start to see a little shift from a seller's market to a buyer's market.
According to recent reports, the number of new listings in September were 8% higher than last September, making this the biggest increase since 2013. Buyers are hoping this translates into better options for them.
Sellers who have been watching the market have likely decided we've reached peak selling conditions and are now rushing to put their homes on the market in order to get the top price. This increase in inventory is expected to slow down some of the wild pricing increases. Up until recently, many buyers found themselves in bidding wars, having to make substantial over listing offers in order to secure a home. While these latest figures don't add up to a complete turn-around in the market, buyers should start to see some beneficial changes. And while things are starting to look better for buyers, it's still a very lucrative market for sellers. In September, the median home price was up 7% compared to last year. Not quite as high as the 10% increase from September 2016 to September 2017, but still notable. And although inventory is rising, there are still more buyers than available homes in many markets.
Market conditions point to a change in conditions that may indicate a Buyer's Market will return soon, but it is still pretty much a Seller's Market for now.
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