Buyers’ Market?
Is it finally turning out to be a buyers' market?
In the early days, it’s harder to determine whether or not the tide is shifting towards a buyers’ (or sellers’) market, but it does seem to be turning into a buyers’ market, at this point. Note this troubling housing indicator:
annual rate of 6.76 million units in April from a downwardly
revised level of 6.90 million in March. April’s rate was 5.7
percent below the 7.17 million unit pace a year earlier.
It appears that the higher interest rates are discouraging some buyers. And, since they will probably only rise, sellers will have to give incentives to encourage buyers to get out of their current home and into a higher rate mortgage.
Sellers may have to make adjustments, but one thing is for certain, people buy homes in tight times and they buy them in great times. If your home is for sale, don’t be too discouraged. With a little ingenuity you can still find a buyer for your home.
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