I get asked all the time about how the market is doing. “I don’t want to buy at the top” is part of the daily vernacular. Though no one really knows, the residential real estate market has a clear and predictable wave. Judging by this report by Realtor.com and after considering the annual wave, the market has dropped around 2% and homes are on the market an average of 1 day longer.
Do keep in mind, this is based on year over year information. Know that Thanksgiving to New Years has a very strong dip and buyer’s can pick up bargains. So what we are seeing right now is the dip on a dip. So, when you consider the normally large dip, it is actually indicating around 2% lower than previous years.
Consider we’ve been rising at around 5% per year and a 2% drop means the market is rising around 3% and indicating stability.
So, if you are in the market to buy, all indications say you are safe as we are just leveling out hyperinflation to a more sustainable level.
And if you are in the market to sell, please consider time and price. Buyers are cautious. It may take a little longer if priced high. But if you price your home at fair market, a buyer should appear in the first 90 days.
Buying, selling or renting in the Tampa Bay areas?
Let my experience, make yours awesome!!
Curtis Rudolph Realtor®
813.240.6054 cell/text
Charles Rutenberg Realty