While the real estate market is still a “seller’s market” overall, buyers are starting to gain strength [USA Today].
Prices are still setting records but inventory is expanding and buyers are beginning to feel pinched by mortgage rates that have seen modest gains lately (although still very low on historic terms).
Real estate brokers will need to manage seller expectations more effectively over the next several quarters or the gap between list price and sales price will widen [Curbed].
The market today has changed from frenzied growth to more modest growth and the use of recent stats, such as the 3rd quarter results as evidence of a strong market is not on solid footing.
NAR’s chart on 150 median area home prices [USA Today]
Charts like this are so interesting. My brother’s friend in Pheonix has made a lot of money in the last few years being a landlord and flipping properties. She has also encouraged my brother to do the same however, he lives in the NJ/PA area where the % change has not been near 55%! No wonder her perspective is the way it is!