We’re still in a seller’s market, but there are signs out there that we could be seeing a shift soon. Here’s what you need to know.
A lot of people have been asking me about the market lately. The one question I keep hearing constantly is, “Was 2018 a seller’s market or a buyer’s market?”
When looking at all the numbers across the board, I lean toward saying 2018 was more of a seller’s market. Although interest rates have been creeping up and we have a feeling we are going to start seeing a shift in the market, I don’t think it will be anything crazy. At the same time, things will certainly change.
Back in 2008 and 2009 we saw the bottom of our market in the Charlotte area. This is also when we saw a huge increase in short sales and foreclosures. After that, we saw a steady increase that takes us to where we are today. We’re on about a nine to 10-year increase in home prices right now. As most people know, real estate tends to operate in cycles that are usually about this long.
What are some signs out there of this shift? For starters, we’ve seen about double the amount of expired listings compared to last year. Home sales are still about equal and pricing has continued to go up for the time being, but in some areas, days on market are starting to creep up.
With homes staying on the market a little bit longer and expired listings on the rise, it doesn’t necessarily mean we’ll see a heavy shift. 2018 was and is still a fantastic seller’s market with fantastic interest rates and continually increasing home prices.
If you have any questions about the market or about how you can take advantage of the current conditions before they possibly shift, give me a call or send me an email today. I would love to hear from you soon.