Great Buyer Advantage in Current Housing Market
The housing market is becoming increasingly buyer friendly. In the past few months, buyers were losing out due to low inventory and high demand on homes because of multiple offers. Now, the market is more evenly paced and buyers are benefiting from less competition and a larger housing supply. It's nice to see that the market is leveling out and more balanced.
Higher interest rates are more than likely playing a part in the decrease of buyers. This plus the addition of more inventory creates a favorable environment for people looking to purchase homes. This summer the average asking price saw an increase but prices are showing signs of stabilizing. "Strong competition for homes has helped drive prices higher. But bidding wars appear to be ebbing..." (USA Today).
Buyers have felt the crunch this summer with the lack of available inventory. But recent reports show that conditions are changing. "The Denver housing market is finally seeing some relief from our long-term under supplied conditions," said Metrolist CEO and President Kirby Slunaker. "We're still seeing strong sales figures, which were coupled with another jump in sales prices - it's clear buyer and seller confidence remains high."
NOW is the time to jump into a more favorable market and find the home of your dreams (before interest rates go higher and/or prices sky rocket) so that you could take advantage of the "best bang for your buck".