Seller’s market? Buyer’s market? The real estate pendulum is swinging
THE NEWS: The short answer is that generally, the seller’s market persists. But the longer answer is that the market is more complicated, with a pendulum that is swinging quickly toward buyers. At the same time certain types of properties or regions are performing very differently, and some industry practices that ebbed during the heady pandemic years are returning as buyers gain more leverage. In other words, in some situations, buyers may indeed have taken the upper hand.
Still, sellers today are nevertheless getting higher prices now than they were a year ago. And other regions, such as the Midwest, have seen less of a shift than pricier markets on the West Coast.
BEHIND THE NEWS: The fact that the market is shifting is no secret, and just in the last several days new data has shown that there is less competition for homes, that sales have fallen, and that the building industry is slowing down at a rapid clip, among other ripple effects. A recent report from Zillow indicated such conditions mean buyers are “gaining time and options as competition eases.”
Jeff Tucker, a senior economist at Zillow, told Inman that it’s consequently “an open question whether we’re approaching a buyers market in some parts of the country.” Read the full story here.
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>> NUMBER OF THE DAY: 19 days spent on the market by a typical home this month, a full day longer than the same period a year ago <<
THE NEWS: United Real Estate Group is bringing one of the nation’s fastest-growing regional brokerages into the fold, expanding its agent count by 1,000 in the District of Columbia and nearby states. The merger with independent brokerage Pearson Smith Realty will expand the Dallas-based network’s reach to 21,000 agents and 630 offices, United announced Friday.
“While other companies are shrinking or pulling back on expansion, United continues to make the necessary investments for smart growth into the future,” United President Rick Haase said. “Our alliance greatly strengthens our existing operations along the East Coast.”
BEHIND THE NEWS: In 2021, Pearson Smith Realty tallied $4.1 billion in sales, ranking 98th nationally in Real Trends. United Real Estate adds this to its existing portfolio, which recorded nearly $14.3 billion in sales last year as the 8th-ranked company in the nation. That represented one of the biggest hauls that year for a real estate company so young. In 2017, Pearson Smith had 17 real estate agents, according to United’s release. Five years later, that number has ballooned to more than 1,000.
As part of the merger, Pearson Smith will continue doing business under its own name, and will retain its existing leadership team. It will serve clients alongside United’s existing regional office in the Washington, D.C., area. Read the full story here.
--Representing you and meeting your Goals whether Buying Selling or Investing in Real Estate is my passion.
2 年Moving our markets toward equilibrium is actually good for both parties in a transaction both buyer and seller.
Owner, Broker at CL Properties
2 年Still a sellers market in SW Florida. I just sold my own condo in one day full price, no bidding war. I had a great location 3 miles from the beach. I ending up buying an off market property a friend found for me. The property had a tenant so I stayed in a hotel put my stuff in storage and moved in today. I am further from the beach for much less money. Still very little inventory here anywhere but the days on the market are longer than last year. Prices is many areas have stabilized this year.
Realtor
2 年We willcertainly see a difference in the market swaying, and the reason for the signs and obvious. In layman’s terms, the interest rates went up, disqualifying some anxious buyers from getting whet they truly want. The same is occurring with the home prices continuing to climb (albeit) slower than previously, but nevertheless still climbing. These handful of buyers are becoming increasingly content on just waiting it out to see “when” the rates and/or the home prices will begin to fall and they will be ready to jump back in at “their comfort zone” when that occurs, which is also just around the corner. Until then, we still see a rise in home prices throughout much of the country, including here in the Shenadoah Valley of Virginia. We have modest $250,000 to $750,000 homes that appear to be listed and sold almost as predicted and we hope to “slowly” ride that slippery slope of peaks and troughs, which is good for everyone involved. Home prices have to stabilize, at the least, interest rates will continue to rise and fall, but ultimately, the amount of the mortgage payment is what keeps our buyers buying and allows our sellers to sell. It’s almost to that stalemate point, but not there yet. The equality for both is coming.
Modern Real Estate Solutions | Investor | NMLS 2488080
2 年Primary markets bring fierce competition and will therefore experience less turbulence than secondary or tertiary markets, which are more exposed to the downward pressure on affordability.
GA & SC Broker, Renaissance Realty South LLC (Prev. Rawls Realty, KW CAP, Cert. Military Residential Spec. Cert. New Home Sales Prof. 5x #1 Diamond Agent for HBA of Greater Savannah 5x Top Realtor Rawls Realty
2 年…and just like that the market changed before our eyes. The ebb and flow of real estate!