Just in September and October houses were selling for more and they were selling quickly! Many homes in my area wouldn't even hit the MLS and they would have multiple offers on them. Just over a matter of weeks things have changed quite a bit. Houses are staying on the market longer especially if the seller's aren't willing to negotiate. Currently, if seller's are holding out for full asking price they still may get it but it's going to take some time.
Previously we were in a seller's market. If a seller didn't get a full price offer right away they would just hold out a few days and one (or two) would come rolling in. In just a matter of weeks it's changed from a seller's market to what is called a balanced market. A balanced market is a great place to be. It creates a level playing field for both the buyers and sellers. Neither really has a clear advantage over the other thanks to the balance of inventory of homes for sale and the number of buyers looking to purchase a home. It's great news if you are looking to sell a home and purchase another home. You don't have to feel as though you are on the losing end of either deal
but don't get too comfortable as things are quickly heading in the other direction. The housing market has seen demand start to drop at an incredible rate. The decline in demand is the largest we've seen since 2005. Many sellers will be shocked to find this out because when they were considering selling their home just a few weeks ago the market was looking great for them but now it's taking some time to sell. If this trend continues we will definitely be back to a buyer's market by December meaning it's going to be a little tougher to sell a home but, on the bright side, a great time to buy!
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