The US economy is doing fine. It is the hottest we have seen since the 1990s. Salaries are high and unemployment is low. Generally, that brings good news for the housing market. Sellers benefit from the fact that there are more buyers in the market. In retrospect, 2018 was largely a seller’s market but things seem to slow down since August.
Higher interest rates and rising home prices are driving sellers away at the moment. Stats from August till October point toward a cool down. Home sales are around 13 percent down compared to last year.
Does that mean the market will soon flip in buyers’ favor? What does that mean for someone interested in selling a house?
Things aren’t as simple as they seem. Real estate experts believe that the market will stay on the seller’s side for yet another year. Despite the lack of buyers, sellers will still be able to take advantage of the booming economy and lack of inventory.
If you are interested in selling a house fall may not be a bad time for you. To know if the market is still on your side, you need to understand how and why the market swings between a seller’s market and a buyer’s market.
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