Here are three indicators of a shifting market every seller should know.
If you’ve been paying attention to the headlines, you’ve probably heard that the market is shifting. As summer continues and we move into fall, sellers have to be aware of what a changing market means for them. Today I’ll go over three key indicators sellers should look for in our shifting market:
1. Listing inventory increases. As more homes come onto the market, buyer demand will be less concentrated. Multiple-offer situations will become less frequent as a result.
2. Average days on market increases. At the peak of our market, homes would fly off the shelf in a few days. When we see the average days on market increase, that’s a key indicator of a shift.
"By the time prices drop, the market has already shifted."
3. Price reductions increase. This is probably the most obvious indicator of a shifting market. However, price reductions are the last indicator we see. In other words, by the time prices drop, they are just reacting to a shift that has already happened.
Remember that you want to be on the leading edge of a market change. If you wait too long, you could be leaving a lot of money on the table.
If you are looking to sell in this market, please reach out to us. We can give you a comprehensive market analysis that shows exactly where your home sits in our market. We look forward to hearing from you!
