Boy things can change over night! Properties are sitting a lot longer, many are selling for less than they would have a few months ago and some are not selling at all. What does this all mean?
Well the market cycle is turning towards a balanced market. Buyers are having a greater say as to what homes eventually sell for. In some instances I would say that it is a Buyer's market.
What does this mean? Are Sellers doomed? What happens next?
Focus on your wants and needs whether a Buyer or Seller.
In my opinion this is the best market to be in if you are a move up buyer. Yes your property has come down in value but that more expensive home has probably come down a greater percentage than yours has.
So you find yourself entering the market now as a Seller and this happens!
Ask yourself if you really have to sell now? Does the benefit of moving out weigh the reduced price that you are about to end up with?
Strategic thinking as a Buyer or Seller is essential at this time.
Sellers in this market must really want to sell if they are willing to walk away with less.
From a Buyer's perspective, I am seeing some really great deals out there! If mortgage regulations would just ease up a bit, this would be the perfect time to buy!