I think it’s obvious to almost everyone that follows real estate that the market has shifted. Here at Olive Tree, we want to inform you about the current market trends so we can help custom tailor a strategy to meet your real estate needs, whether you are buying or selling!
The market is finally taking a breather from the onslaught of price appreciation at 6%-10% year over year for the last 5 years. It was disappointing to see existing home sales decline in June for the third month in a row and see inventory rise from the year before for the first time in three years. While this does feel like a slowdown, what we are actually seeing is stabilization.
At first glance, seeing listing prices fall, more open houses being held, etc. it can give the appearance of a shifting market to the other end of the spectrum. The facts are that it appears we’ll continue to have modest appreciation of around 1% for the next 12 -24 months. This change is completely necessary so we don’t continue the boom/bust cycle that last hit us in 2008. This volume shift should return us to more balanced inventory levels as the hysteria of the market the last few years dissipates. This type of market also allows for us, as your seasoned professionals, to protect and negotiate on your behalf.
It is our top priority to have our pulse on the current market at all times. Thank you for trusting us with that responsibility. We are committed to continuing to learn and grow as students in real estate, so we can continue to give you our personal best.
Please give us a call to discuss the market anytime!