Whatcha gonna do, whatcha gonna do, whatcha gonna do when the housing market comes through – for homebuyers, that is.
February showed a major downturn in the prices of homes; according to data from Redfin, more than one in five homes for sale had a price drop.
Pair that with RE/MAX’s most recent survey that shows Americans are experiencing a year-over-year inventory increase within the last ten years, and the real estate world might just be swinging towards a buyer’s market.
The three biggest metro areas to experience these price drops with rising inventory:
- Las Vegas – sales drop of 13.6 points
- Seattle – sales drop of 12.8 points
- Albuquerque – sales drop of 12.2 points
For homebuyers, this is incredibly exciting. Redfin notes that price drops are a cyclical measure, with this year being no different – but it seems as though 2019 is swinging at a higher level than before.
As the market slowly turns towards the spring and summer months, buyers might have a bit more competition, as more potential homebuyers approach the purchasing seasons.