What does it mean when the real estate market is starting to normalize?
Many interesting things are currently happening in real estate, and we can see that the market is starting to normalize. What does that mean exactly? One of our trusted advisors recently shared three statistics with us that succinctly describe a normalizing market:
- 20% of the listings that hit the market eventually expire. We’re not there yet, but the number of expired listings is increasing.
- Interest rates are between 5% and 6%. That’s where they are right now.
- Homes stay on the market between 30 and 60 days. We’re getting close to that number.
A normalizing market isn’t a bad thing. There will be more inventory for buyers to choose from, and sellers will still get top dollar if they price smartly and can market effectively. If you have any questions, don’t hesitate to reach out to me by phone or email. I look forward to hearing from you and helping you achieve your real estate goals.