Is the market starting to slow down? We are seeing signs that the market is changing, although rather than calling it a slow down, I would say it’s a market stabilization. There are fewer and less intense bidding wars and the price increases are less dramatic than we have seen over the past couple years. Additionally, we are seeing homes not receiving offers by their review date and there have been more price reductions.
These changes are not a reason to worry. They may signal that we are moving toward a more balanced, healthier market. Because we still have a serious shortage of inventory, I don’t foresee that we will see a major change in the market. Instead, the market for buyers may become less challenging.
For sellers who have been holding off on selling because they’re waiting to see how much more money they could get on their homes, I wouldn’t wait much longer. If you want to get top dollar, you should get your home on the market while there still is a shortage of inventory.