Making Sense of Our Latest Housing Market Shift

Have you heard about our recent housing market shift? People ask me about it all the time. Some people think that our market is about to crash, just like in 2008, but I don’t think that will happen. Let me tell you why.

"Our current market is much more balanced than it was before."

One of the things that we measure as agents is the absorption rate. Essentially, this is how long it would take for all the homes in our market to sell at the current pace if no new houses entered our market. Right now, our absorption rate is about a four-month supply of homes. That number is way higher than it was at the beginning of the year, so that means demand is lower relative to the number of homes available. 

What does this mean for you? Put simply; we’re moving towards a balanced housing market. Home interest rates may have been significantly lower several months ago, but you have to keep in mind that buyers were competing against each other relentlessly.

They had to pay way above list price just to get a seller’s attention, and sometimes they had to waive everything from appraisals to home inspections. A balanced market means it's more of a fair shake between buyers and sellers. 

Don't let our changing market scare you. I can help you access your home equity without giving up your low interest rate. I can also tell you which improvements are truly going to make an impact on your home’s value. If you have any questions, just reach out by phone or email. I am always willing to help!