The real estate market has officially become a ‘buyers market’ in some areas of the country and within some areas of your town. Remember, corrections happen regionally based on the local economy while crashes happen nationally/globally. This is not a crash, it is simply the end of a cycle and is part of the normal cycle flow. It’s been a sellers market for too long and buyers have become exhausted.
In certain areas inventory has gone up by 40% month-over-month. Prices are in the process of correcting and going down. 41% of the active listings in San Diego have had a price reduction.
If you were an ‘exhausted buyer’ in the past that was sick of dealing with the madness and craziness now may be the opportunity to get back in the market and not have to deal with the crazy game of competing with 15 other offers. If you are a buyer start looking again and start paying attention to the market again. You can put in an offer at asking or below asking and you even can ask for seller concessions – what a concept!