Are we in a buyer’s market yet?

Not quite – HOWEVER things have cooled down a bit which has given buyers a chance to get into a home. I go more in depth on this below, or you can watch the full video I published on Instagram.

Think about it..

Higher interest rates and home costs have caused a lot of people to stop looking for homes. That is actually an OPPORTUNITY for those who have struggled to get into a home the past few months to finally get an offer accepted.

What about the higher interest rates? Yes, you do take a hit right now which is a bummer – BUT you can always refinance when rates fall again so you are not stuck with that rate forever.

Don’t just take my word for it… according to Daniel Hale – a Chief Economist at Realtor.com, we are starting to see signs of a new direction in the market, but at the moment, we’re still very much in a seller market.

I have started seeing this firsthand in Frisco and Collin County in general.

Finding 1: Some listings are staying on the market longer than we were seeing a few months ago. The average days on market in June of 2022 was an average of 16 days compared to 13 days just a few months ago. This is not that large of an increase but we can expect for houses to continue in this linear trend over time.

Finding 2:Price reductions are also starting to happen for the listings that were overpriced in the first place. According to realtor.com, 1 in 5 homes have seen a price reduction in the past four weeks!

Finding 3:Homes just aren’t going for as much over ask as they used to be. This past April, homes were going 109.1% over ask. This month, that number has decreased to 104% over ask. Just for context, that is over $25,000 for a home priced at a price of $500,000.

In conclusion, no, we are not in a buyers market. HOWEVER, the increase in interest rates and home costs have caused some people to put a pause on their home search so it is actually a great opportunity for those who have really struggled lately to get into a home these past months.