Red Flags In Our Real Estate Market

People are asking, “How long can we expect this sellers market to continue?” Not an easy question to answer. Here are some interesting trends to look at that might help. Last month, 67 residential properties closed, while this month that number fell to 50. While limited inventory continues to cause home prices to rise, sellers need to realize that no market continues to rise indefinitely. More listings should become available this summer. However the fears of inflation & the threat of higher mortgage rates could slow down the pace of home price appreciation. If homes sit on the market longer, our market will then accumulate more active listings. As more Americans get vaccines, more sellers may be willing to put their houses on the market and that could help to create a ceiling on the median home price growth. As inventory rises, prices will become more stabilized. Again a word of caution for potential sellers, waiting to put your property on the market may not be a good option at this time.