The spring market has definitely sprung, and people have been asking a lot of questions about what’s going on. So, it’s time for a market update.
To start off, we’re beginning to approach a balanced market for the first time in quite a while. Up until recently we were experiencing an extreme shortage of inventory. But now some areas are actually very much favoring buyers.
However, sellers need not panic. We all know that 2017 was a great year for appreciation and sales, but this was partially due to the fact that we were in a slight housing bubble. Previously hot areas are now seeing depreciation rates as high as 30%. Again, though, this is not a cause for alarm. If you look at the big picture, you’ll notice that appreciation rates are still above where they were five years ago.
What do all of these factors mean? Well, if you’re a buyer, now is the time to make your move. So, please get in touch. I’d love to help you seek out some great deals. My team and I can make sure that you are well-protected throughout your transaction.
Sellers, on the other hand, may want to wait things out. But if you are eager to list, my team and I can still get you top dollar.
As a final note, I’d like to touch briefly on what’s going on in the condo market. The condo market has been outpacing the detached home market in terms of appreciation. However, while prices continue to go up, rising inventory has caused a lag in the number of sales. If you’re looking to purchase a condo, I would recommend waiting for a while to see where the market goes.
Of course, all of this advice depends on your personal circumstances. I would be more than happy to work with you and make an individualized plan based on your situation and goals.
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.