Prices have hit a soft ceiling and will now start to normalize.
Is now a great time to sell? Yes, absolutely. While we have seen a small shift in the market over the last month, it’s still primed for sellers to succeed.
From January to April, we only had about two weeks of inventory. A balanced market should have six months of inventory. Right now, we have about one and a half months of inventory. It’s still very much a seller’s market even though the pace is not as fast as it has been recently.
Our prices have normalized after hitting a soft ceiling and interest rates have risen dramatically.
Sellers putting their houses on the market today must change their expectations. Over the last two years, it wasn’t uncommon to list a home, receive 10 offers over the weekend, and sell by Monday for $100,000 over the asking price. That’s not the case these days.
That doesn’t mean we’re in a bad market. Our prices have simply normalized after hitting a soft ceiling, and interest rates have risen dramatically. This is to be expected in a market that’s appreciated as much as ours has.
If you have any questions, call me at (512) 220-0565. I look forward to hearing from you.