I really enjoy my dads viewpoints on our current market, please enjoy!
Over the last few months, probably more accurately since mid January or so, I’ve been paying closer attention to home sales than I normally would. The reason I’ve started paying closer attention towards home sales and the attributes surrounding these sales is simple, my 2 daughters are getting close to the end of their apartment lease and now seems like a sensible time to make the decision to purchase a home rather than continue paying rent. I’m not a professional investor or real estate expert, but I am fairly confident in my ability to make sense of what seems to be an obvious pattern. The pattern is, real estate seems to be more available now than it was only a few short months ago, prices seem to be decreasing and the number of days a property stays on the market seem to be increasing. I am specifically talking about housing prices in a very populated city, and only looking at single family dwellings with at least 3 bedrooms and 2 baths. The price point, just to establish another side board is $350 to $500 K. As with anything I write for this page, I have no substantiated facts and figures to back up my observations, just simple patterns that seem to be consistently holding true. Anytime a pattern repeats itself enough that it becomes the most obvious, if not the only example, it is then likely the most consistently observed outcome, and becomes a trend by which you may establish a baseline. I am going to speak specifically to the homes I mentioned above, size and price point. So from what I am seeing, there appear to be way more homes hitting the market, they are on the market for a longer time period, many drop in price more frequently and many don’t really have anything that sets them apart. With those few traits now becoming a somewhat standard obvious pattern, in my uneducated and useless opinion, we are entering a strong buyers market. Patience, if you have time on your side, is the wise path right now, for a prospective home buyer to take. You’re probably not going to miss out on your dream home, but rather you just might get to choose from way more dream homes than you could have just a short few months ago.
Good luck
Housed and Fed 