Friday, August 13, 2021 / by Ryan Nager
3 Reasons Why Our Housing Market Is Cooling Off Slightly
Here’s why things in our market seem to be getting back to normal.
It seems like things are slowly beginning to get back to normal, both in day-to-day lives and in our real estate market. Here are the three reasons why the blazing-hot market is starting to cool off slightly:
1. Fewer multiple-offer situations: Since March, there’s been a decline in the number of bidding wars on homes. This doesn’t mean they’re gone entirely, but they’re certainly not as rampant as they were six months ago.
2. More listings: In July alone, we saw more listings come onto the market than we did over the previous 10 months. This means buyers have enjoyed more options to choose from when looking for a home.
"I believe a lot of these changes have to do with buyer fatigue."
3. Homes aren’t selling as quickly: Listings are staying on the market for a slightly longer amount of time before they’re sold. Again, this allows buyers to have more options to choose from.
I believe a lot of these changes have to do with buyer fatigue. Many buyers became frustrated and exited the market after dealing with fierce competition, writing losing offers, and attending dozens of showings for homes. It's still a seller's market –– we're not seeing a total shift, but there are certainly many more opportunities available now for buyers.
If you have any questions or would like more information about our market, feel free to reach out to me. I look forward to hearing from you soon.