If you are currently in the market to purchase a home, this might be a great time for you to do just that! Markets are beginning to cool all over the country, which means that more homes are available.
If you’re selling, you can also reap the benefits of the cooldown if you have an experienced Realtor on your side, like Craig & Linda Nowicke from RE/MAX ACR ELITE – Tampa Realty Now Team, who can market your home strategically and professionally. Hot, Cold & Neutral Real Estate Markets
Here are seven signs that show the market is cooling down:
Properties are spending an increased number of days on the market.
When demand decreases and homes remain on the market longer, that means the buyers’ market is less competitive. With this knowledge and access to information via the MLS, your Realtor can help you price your home appropriately to sell.
You start to see price cuts.
When sellers aren’t getting full-price offers from buyers, they will start to reduce their original price.
There will be more inventory.
When there is an increase of homes for sale, that means there is a shift from a seller’s market to a buyer’s market. This is good for buyers because it means that there will be less competition for homes.
The Absorption Rate will decrease.
You can find the absorption rate in your market by dividing the number of homes sold in a given month by the number of homes that were available in that month. A lower absorption rate means supply is exceeding demand, which, in turn means, that the market favors buyers.
More new construction.
If you are seeing a lot of new construction in your area, that means even more inventory for buyers.
You will see decrease in the growth of home values.
An experienced Realtor will always be watching this statistic on behalf of his/her clients. You can keep track of market trends by tracking average price changes. Currently, in many areas, home values are starting to slow.
There will be less investor activity.
While a slowdown in investor buying/selling indicates a cooling market, it may also mean new opportunities for knowledgeable buyers.
Are you ready to SELL your home? Call the TAMPA BAY real estate professionals, Linda & Craig Nowicke at Tampa Realty Now with RE/MAX ACR ELITE and let them assist you in getting your home STAGED, PHOTOGRAPHED and SOLD for the highest possible price! CALL THEM TODAY at 813-728-3880 or 813-675-5030.