A Turning Point for the Housing Market? | Nov. Housing Market Update
Summary
A BiggerPockets blog post discusses the cooling housing market, indicating a shift towards a buyer's market. Hosts should understand this shift as it could mean more opportunities for better deals on properties and adjusting strategies for pricing and occupancy.
Key Insights
- •Inventory has been growing for 24 consecutive months. The number of actively listed homes is up 15% year over year, and nationwide inventory is still 13% below pre-pandemic levels.
- •Price reductions are up. 20% of homes listed had price reductions in October, up from 18.5% in September.
- •Days on market have increased to 63 days on average, 5 days longer than last year.
Action Items
- ✓If you're a buyer, be patient and look at multiple deals before making an offer.Effort: lowImpact: medium
- ✓If you're a seller, budget for longer hold periods because things are taking longer to sell.Effort: lowImpact: medium
Tools & Resources
- →Redfin data center: Redfin data center is a free tool to use to check out housing market data.(redfin.com)
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