Princeton Town Topics – Let’s Talk Real Estate – September 5, 2007
SHIFTS IN REAL ESTATE MARKET TRENDS
A few years ago your neighbors put their house on the market and had so many buyers that they were on the winning side of a bidding war. Now you are trying to sell your home, and there’s just no action.
The real estate marketplace fluctuates constantly, based on local supply and demand. When buyer demand is high and the supply of properties for sale is low, prices tend to escalate until they reach a certain point where buyers begin to say no and listing inventories increase. When this market reversal happens, sellers who price their homes at the higher level of previous sales prices must re-think their pricing strategies or their homes may not sell.
Whether you are buying or selling a home, it is important to remember that the shift from a seller’s to a buyer’s market can occur very quickly. You can count on me for sound advice on what phase the market is in right now.
