Wednesday, June 27, 2018

Signs the Housing Market is Cooling

Check out these signs that the market is beginning to change from a sizzling hot market to just hot.
  1. Market inventory has increased in the last few months.
  2. Some sellers that haven't sold are pulling their homes off the market to rent them.
  3. We have started seeing selling bonuses added to boost sales.
  4. Agents are having more broker open houses. These weren't necessary over the last few months.
  5. Price reductions are being announced and that means sellers need offers.
  6. REO and Foreclosures were selling in a day or two after hitting the market. Prices climbed and now investors are not as willing to pay those top prices and pay over listing prices. Rehab costs have skyrocketed.
  7. Days of the market has increased by several weeks to nearly 3 months now.   
We are in the selling season, sales should be at their best but these signs mean a cooling is beginning to take place. It is time to be watchful and start looking closely at the market in Brevard. Buyers may begin to have more choices and opportunities.