08/11/2022
This question popped into my inbox the other day 👇
"When do you think home prices are going to drop?"
Here's a quick Economics 101 refresher: when the demand for something outpaces the supply, prices increase.
For the past two years, there have been more buyers looking to purchase a home than there have been homes for sale.
And, well, home prices increased.
Now, with interest rates rising and more home sellers entering the market, you might be wondering if the market is going to shift from favoring buyers to favoring sellers.
Although we are seeing a market shift, the metrics that signal a shift to more buyer-friendly conditions (like days on the market) are still holding strong.
Because the seller's market conditions have been so extreme, it may take several months for buyers to feel the benefits of the market shifting in their favor.
What does this mean for you?
If you're thinking about selling your home, conditions are still favorable! And if you're considering buying, remember that interest rates are on the rise, so waiting until home prices drop may actually cost you money in the long run.
If you'd like to chat more about your home goals and determine if the time is right to make a move, let’s connect 330.903.2113! 🙂