Prices Are Settling-What Does This Mean for Buyers?

In the beginning of the pandemic, the housing market shifted significantly. It shifted specifically into a seller’s market, which changed the real estate game. It became increasingly clear that the inventory was low, so the demand was high! So high, in fact, that multiple buyers would compete for each home. If it was a single family home, the offers were somewhat outrageous in some areas of the United States.

Is the Market Still in a Seller’s Market?

In the past few months, we have seen a significant shift in the market. In areas like California, we have seen homes last longer on the market, and selling for less. In Encinitas, home prices are down and the inventory is going up.

What Does This Market Shift Mean for Buyers?

Now that we are seeing a market shift- you may wonder, what does all of this mean for buyers? The real estate market has always been shifting, but this shift has been unprecedented. Homes were selling in days and for prices that normally wouldn’t be reasonable. Some buyers were foregoing an inspection in order to get an offer noticed by the seller. But, that’s the result of a seller’s market. 
Now, we are seeing the market start to slow a bit in some areas. It is not a huge, dramatic shift,  but it is significant, especially in the Southern California area. This could mean that buyers may not have to scramble anymore to get their offers noticed! Now that homes are not selling as quickly, there’s more time to search and more time to think about your offer. There is less competition, which means it is a great time to buy! 

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