The real estate market remains largely a seller's market because demand continues to outpace supply. The inventory of available homes remains a limitation for both buyers and sellers. The increase in Federal Reserve interest rates has led potential homebuyers to turn to the rental market, making a tight market even tighter. A buyer's market is the ideal time to buy a new home because prices are lower and there are fewer buyers to compete with.
But if you make too many sacrifices just to get a house, you might end up with the buyer's remorse and an expensive albatross that you have to unload. During bidding wars, buyers make competitive offers and increase the price, usually above what the seller originally requested. As a buyer, you'll want to buy a home in a buyer's market, as there will be an influx of available homes and less competition. Real estate market reports are calculated by Rocket Homes real estate and are based on information from the MLS.
Not long ago, it was common to list a property on Tuesdays and sell it before the weekend, says Terri Robinson, a real estate agent in Ashburn, Virginia. If you're looking to buy a home, a seller's market shouldn't necessarily discourage you, but it can help you determine your next steps. Sellers have had the upper hand for the past two years and buyers have had to accept anything that comes their way. The data related to real estate for sale or rent on this website comes from the IDX program of Mid Hudson Multiple Listing Service, LLC.
Before joining Rocket Companies, she worked as an English teacher for the New York City Department of Education and as a licensed real estate agent for Brown Harris Stevens. Since sellers must compete with each other to attract buyers in the seller's market, it's helpful to know how to increase interest in your property. But as a seller, you'll expect to list your home on a seller's market, so there are fewer properties for sale and a significant number of interested buyers. Whenever there is a limited supply of homes on the market and a large number of interested buyers, time is of the essence.
This isn't the real estate market for April or May, so buyer traffic will be substantially slower, but well-priced homes continue to sell quickly, he says. Even with a slight increase in the number of homes for sale, buyers are still faced with high prices and the highest mortgage rates in 15 years. This is a quick assessment of the real estate climate entering the fourth quarter of the year, a time when experts anticipate a further slowdown in sales, higher rates and greater uncertainty for both buyers and sellers about what to do next.