Back to Normal, Finally?

All indications are that the real estate market is slowly shifting back to what mosts of us veterans would call a “normal” market.

A “normal” market would be best described as one in which the number of buyers and sellers balance out.

The last two hears have seen a very strong sellers market since the number of buyers far exceeded the number of homes for sale.

Here are some clues that the real estate market is normalizing:

  • Average days on market is growing.
  • Some homes are selling UNDER list price.
  • Some buyers are able to ask for repairs.
  • The rate of home price appreciation is slowing.
  • Homes in poor condition or over-priced homes are sitting on the market.

Another clear indicator that I’m personally seeing is long time buyers who have been frustrated at the aggressive nature of the competition are FINALLY getting their homes! The buyer competition has thinned out enough that they can still get their choice of home the first weekend.

I’m expecting new listings to continue to sell around list price this fall and more buyers to finally have the opportunity to get a home.

What 2023 has in store for the real estate market is my big question! Hopefully a continuation of the “normalized” market we are seeing now.

David Baker, Broker/Owner

Baker Realty Group