As we’ve mentioned for the last several weeks, there is a definite shift in the real estate market. Briefly, here are a few factors that are changing:
- Fewer bids: 10 or more bids have been the norm. In most cases, this is no longer true.
- Fewer bidding wars: Fewer bids means fewer bidding wars.
- More homes for sale: Many sellers are now rushing to get their homes on the market
- Price reductions: With more homes on the market and few homebuyers, prices most be set with more precision.
- More open houses: As the market shifts to favor buyers, selling becomes more competitive.