Home prices in the United States have been on a tear for the past few years, but there are signs that the market is starting to cool off. A recent report from the National Association of Realtors® found that home prices remained the same from September and were stable year-over-year. However, the report also found that inventory continues to experience challenges, with the number of homes for sale down 16.6% from last year.
What does this mean for home buyers?
The stabilizing home prices are good news for buyers, who have been facing a highly competitive market in recent years. With fewer homes for sale, buyers may still have to compete with other buyers, but they may have a little more leverage in negotiations.
However, buyers should still be prepared to act quickly when they find a home they love. Inventory is still low, so homes are likely to sell quickly. Buyers should also be prepared to be flexible with their budget and their wish list.
What does this mean for sellers?
The stabilizing home prices are also good news for sellers, who can be confident that they are not likely to take a loss on their home sale. However, sellers should be realistic about their pricing expectations. Buyers are still likely to be price-sensitive, so sellers should price their homes competitively.
Sellers should also make sure that their homes are in good condition and are staged to appeal to buyers. With inventory still low, buyers have more choices than they did a year ago, so sellers need to make their homes stand out from the competition.
Overall, the stabilizing home prices and low inventory levels are creating a more balanced market for both buyers and sellers. Buyers have more leverage in negotiations, but they still need to be prepared to act quickly. Sellers should price their homes competitively and make sure that they are in good condition.
With less buyers in the market, it is important for sellers to be realistic in their expectations and be prepared to adjust their listing price, if necessary. On the flip side, buyers must also be aware that they are likely to be competing for a limited inventory of homes for sale. Therefore, there should still be a sense of urgency should an appropriate home come to the market.
Are you thinking about buying or selling a home in South Florida? We can help! Contact Natasha at Live South Florida Realty, Inc. today! Also, don’t forget to download the free Florida Home Search app for your mobile device.