The latest news from our market has just come in, and today I’d like to share with you what this data means for buyers and sellers.
People ask me on a near-daily basis whether sellers still have the upper hand in our market. While the answer a few months ago would have been a resounding “yes,” conditions have shifted as we progress into this new year. Now, we’re in a much more neutral market than we were in 2018.
Contingencies that may have previously been a deal-breaker are now back on the table, and buyers have regained a lot of leverage. Part of the reason for this is the recent increase in supply. That said, this increase is not as significant as some have reported. The current level of supply, approximately 2.1 months’ worth of homes, is still relatively low.
Moving on, interest rates have also played a major role in the current state of our market. Rates are currently at a nine-month low, according to the Wall Street Journal. This means that now is a very favorable moment for buyers looking to make a move—especially given that rates are projected to reach 5% by the end of 2019.
"2019 holds benefits for buyers and sellers alike, and I would be happy to help you make the most of these advantages."
You may be wondering what these conditions mean, overall. For sellers, the most important point to take away from this is that you must have an aggressive strategy for success moving forward. You will need to partner with a strong, experienced agent in order to secure a great deal.
Buyers, on the other hand, are in for greater opportunities than have been available to them in over three years.
The bottom line is that 2019 holds benefits for buyers and sellers alike, and I would be happy to help you make the most of these advantages.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.