However, there is still very low inventory and as long as there are more buyers than sellers, there will still be some upward pressure on home prices. Homes that are in good condition and priced properly are still seeing multiple over-list price offers on them. Perhaps not the 20, 30, or more than what we were seeing earlier in 2022 and 2023 but perhaps 2, 3, 4, or even 5 offers. Listing agents who understand the current market, price their listings properly and still see good activity and quick offers and sales. What if you are a buyer who is also a seller? Great question! During the last 10 years, homes averaged about 3.8% appreciation per year, however, over the last couple of years home prices increased many months at a whopping 2% per month (or more) and averaged 14.5% year over year (as of June 2022). What we all have seen in the last couple of years simply is not a normal market. We are now slowly heading back into a normal market. This will not result in depreciation but rather in deceleration. This means that as long as we have low inventory as stated previously, we will still have upward pressure on prices but more in line with a normal price appreciation market. Did you miss the boat? NO! Keep in mind that there are more factors affecting inventory. There are going to be even fewer home sellers entering the market because just about everyone who owns a home has refinanced it to a low 3% or better interest rate. Many sellers who may have considered selling previously may no longer want to sell because they don’t want to sell a home with a mortgage at 3% to only buy a new one and have a mortgage rate at 6% or 7%. This situation will still put upward pressure on prices so if you are waiting for prices to drop, it may be a futile effort. Are you a buyer who is also worried about selling your home but not being able to buy one because of the low inventory? No worries, I have special programs to find you OFF Market homes in locations you want to buy in that NO OTHER BUYER will
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