Down on the west coast, they’ve got this feeling –
That a buyer’s market is approaching!
While this isn’t exactly the same lyrics to Lana Del Rey’s song, “West Coast,” it still highlights what seems to be happening in terms of the real estate market shifting.
According to new data from Redfin, the west coast is feeling the slowdown of home sales – which means buyers are not as frantic as they were last year.
Redfin showed that San Jose, Seattle, and Portland had homes stay on the market for an average of 12 to 28 days longer than last year.
Buyers aren’t as anxious to purchase homes as quickly, and they’re more willing to wait for prices to drop. With less competition between buyers, home shoppers have the ability to take more time to carefully consider their purchase.
Usually winter shows homes staying on the market longer; if this continues to rise, Redfin believes that “it would be a signal that more market weakness is ahead in 2019.”