I have read that know is a buyers market. Why? I have noticed houses have not been moving as fast in my area, does this have anything to do with it?
Yes, that has everything to do with it…it is pretty much simple supply and demand economics.
When the demand decreases, the supply increases. There are more properties up for sale, average DOM goes up, prices drop to lure buyers, etc.
The more properties and the longer the average DOM, the better deals that buyers can find. People want to move their properties, some of them NEED to move their properties…they make concessions to buyers…in these cases, the market favors the buyers, thus a “buyers’ market”…
Keith
Thanks Keith. How long will this last. IMHO, houses were really moving in my area a little less than a year ago. I watched them sell for 95k and then resell 3 months later for 130k. I watched many go throught he flipping process. I remember hearing that the new guy in the fed that controls interest rates siad the he intends on continuing raising them. Does tha mean that the buyers market will continue and even ge better?
Probably…though I have no crystal ball to the future. In some areas, something HAD to give, though…it’s outta control!
Keith