According to a recent study by Trulia.com - "Among the 100 largest U.S. metros, conditions in 50 are now shifting in favor of buyers, a ten-fold increase from just five metros a year ago. They determined this shift by examining an average of three buyer/seller balance-of-power indicators and analyzing how they’ve changed in the last year (from January 2018 to January 2019): the share of listings with at least one price cut, the monthly median days on market, and the sales-to-list price ratio (how a home’s final selling price compares to its list price). All three have shifted in favor of buyers.
This shift also shows up in other common housing metrics. Homes sitting on the market longer, for example, can also help push up monthly measures of inventory because home shoppers can count on listings remaining active for longer, giving them more options at any given time.
The shift in favor of buyers is also happening where home values have risen the most over the past six years, suggesting that these markets may have hit an affordability ceiling."
A shifting market doesn't mean a decline in the number of sales, but it does mean that buyers will have more to choose from and sellers will have to become more aggressive with their marketing and pricing strategies.
Watch this quick coaching video on what to expect and what to do within a changing market landscape.
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Jim Remley is a nationally recognized expert in the field of residential real estate. Entering the real estate industry at the age of 19 he began an unlikely rise from college drop out to real estate Rock Star by becoming ranked in the top 1% of REALTORS® nationwide. Implementing game-changing strategies and deploying the latest technology advances Jim shattered sales records by listing over 150 properties in one twelve month period. At 24 he opened his first Real Estate Company and grew the company to 17 offices becoming the largest independent real estate company in the State of Oregon.
Today Jim leads one of the largest real estate firms in the state of Oregon with over $800 million dollars in sales volume a year with just over 160 active Brokers. As a consultant, author, speaker, and trainer Jim has one mission – to create abundance through simplicity of action. In 2018 Jim launched www.erealestatecoach.com an On-Demand Video Coaching platform designed for REALTORS to tap into highly focused information and actionable ideas based on thousands of interviews with top producers from across the country.
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