I have a quick update on the market for you today. Our agents are still seeing bidding wars out there, but instead of competing against 15 to 20 offers, they’re competing against three to five.
We’re also starting to see price reductions. In one case, one of our agents helped their client purchase a home without a bidding war. They even managed to get it for less than its asking price, which was unheard of a month or two ago.
Our market is leveling off due to inflation and interest rates, and six months from now, we might look at this as the start of a market shift.
Is there something bigger going on? We don’t know yet, but it’s certainly possible. If you want to know what’s happening in your neighborhood or have any other real estate-related questions, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.