Shifting Market

  • Buyers
  • 2:54 pm
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Recently there have been signs indicating that the Real Estate Market is beginning to shift in the direction of buyers. There are a number of factors that may be contributing to this. First, mortgage interest rates have begun to rise and this is always a cause for concern as it keeps some potential buyers on the sidelines. Median prices here in Columbia County have begun to drop from $275,000 a year ago, to $245,000 currently. Residential inventory has also seen an increase, partly because the new tax laws now limit the deduction for state and local taxes to just $10,000 which encourages more sellers to put their houses on the market. For buyers who may be waiting until spring to start shopping, maybe you should take advantage of this time of year when there is less competition and sellers tend to be more motivated.