Thanks to extremely low interest rates and individuals seeking to find homes in less dense and congested cities, the real estate market has seen a growth in activity.
Home sellers in the real estate market were able to take advantage of this massive interest in home buying. But it seems that due to various factors, the real estate market may soon favor home buyers.
This shift is certainly one to watch as the dynamics change. Yes, home prices still remain a bit elevated but demand will start to cool, providing new homebuyers with more of an advantage.
The general real estate market is seeing a strong uptick in new real estate listings. Recent data notes home listings have increased over three percent in the current four week period that was finalized on 4th of July. This is a data point that one can see when compared to the prior year.
Here is what you need to know when it comes to the current real estate market.
Active Listings in the Real Estate Markets Are Generally Down but Robust
Real estate industry participants will notice that the number of active listings is down over 30% when compared to the prior year. But it would not surprise anyone to note that this is still a small drop as last year was quite active.
The fantastic news is that active listings have increased over 7.5% since their slight decline at the start of March. Home buyers in 2021 are becoming more selective and looking for fantastic real estate deals. These homebuyers want to see more strength in the real estate market with more premium homes.
Homebuyers are lacking that sense of urgency that they had for the real estate markets over the last year and over this current year. But that is a healthy sign as it shows that the other side of the real market equation is looking to find a balance.
Yes, it seems that prices have peaked and homebuyers can pick through supply as it comes online and prices stabilize further.
More Supply Is Fantastic For Real Estate Markets
Sellers can list their real estate properties and join other homebuyers who are looking for healthy home prices. This aspect coupled with the ready availability of vaccines, a return to normal, and more activity in the jobs market, will indicate a recovery.
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