The most common question I get asked on a daily basis is, “How is the market? I hear it’s slowing down. Is that true?” No one has a crystal ball and although there is quite a bit of research on this subject, much of my insight comes from specific examples of homes in my area. I have seen a slowing. Homes that would have sold with multiple offers 18 months ago are sitting longer. I saw this happening beginning in the summer of 2018. Also, agents in our area were asking each other, “ Is it me or are you seeing this, as well?” It was a bit of a conundrum because inventory was still relatively low as were interest rates. Usually those two data points are a large indicator of a vigorous market.

What was happening? I believe many buyers were feeling a little beat down from losing out to multiple offers and hearing, over and over, that homes were selling for $100-200,000 above list price. I do think we will continue to see that trend for homes that are priced within comparable sales for the area having a similar size, floor plan desirability, some architectural charm and sought-after amenities. However, homes with a few negatives or those that are priced too high may sit and see a decrease in value. This is actually a healthy, more balanced market.

One contributing factor of a slowing has been interest rate hikes and a volatile political climate. People are more uncertain of economic prosperity and also saw four rate increases in 2018. More are expected but I don’t believe we will see as many and we are still historically very low.

So…. Is it a good time to buy or sell? I think so. I am still looking at investment properties and on the hunt. I have tremendous faith in buying property as an investment and holding it for the long term. If you want to make a quick flip, I don’t think this is the time but I do think it is a fantastic time to buy a home to make your own or an investment property that will generate income for many years to come. Truly!