Market has changed. A wake up call for sellers.
There has been an increase of active listings of late. We’re not currently seeing a drop in home values, but time will tell if that is going to happen or not. Right now, the numbers are still showing increases in value but in a way that is showing some uncertainty as to whether it will continue, flatten out or drop slightly. Only time will tell. You’ll hear lots of pundits speculate, but you won’t hear it from me. The closest I come to this is telling you what I’m hearing from all the economists, and the jury seems to be out at the moment.
Regardless, if you’re selling a home, list it realistically. In a boom market like we’ve had for the past few years, people have virtually been able to get away with murder with how they price their homes as even an overpriced place might get sold as buyers snatched up listings. But now, you have to price competitively. Remember, your house is only worth what someone will pay for it. Not a penny more. And when there’s lots of competition out there you’ll have to think carefully about not overpricing it. (Read some of my "tips for sellers" on this.)
Buyers, first time buyer especially, guess what? More to choose from, hooray! First time buyer thinking of holding off and waiting to see if prices drop? Don’t hold your breath, I’ve yet to hear anything convincing to say that we’ll have a drop in prices that would be of the sort that would make it cheaper in the long run to rent for a while rather than buy. Buy something modest if you’re unsure. Like I always say, the time to buy a home when you need it and can afford it. Besdies, prices only go up and down in the short term, in the long term they increase, it’s just a matter of time. If you’re an investor, or planning on moving to a totally different market it’s another game.