The Changing State of Our Market
by: lauren, on September 16, 2021 - Market Update
Our once red-hot seller’s market is changing.
Are we currently still in a seller’s market? There are a couple of factors to consider before we answer this question:
- Inventory is increasing. Back in February as we were entering the spring selling season, there were 178 active listings in Ocean City. Today as we near the fall selling season, there are 317 active listings. That’s 139 more listings!
- Multiple offers are down. With that increase in inventory, the number of multiple offers we’re seeing is also down. Earlier this year, we might have gotten around 10 offers on a home. Today, however, we might only get two or three.
“We might have already peaked in this seller’s market.”
- Mortgage rates have gone up. This makes it harder to afford homes.
- The number of showings is down. The week of the Fourth of July, our team had 109 showings. The week of Labor Day, however, we only had 41.
As we head into fall, demand for homes will go down as inventory rises. So are we still in a super-hot seller’s market? The answer is no, though we are still in a seller’s market in general. In fact, we might have already peaked in this seller’s market.
If you’ve thought about putting your home on the market but found yourself waiting and waiting, don’t wait any longer—now is the time. I don’t know what’s going to happen to the market next year; it could be better or worse than this year. What I do know is that now is still a great time to sell.
If you have any questions or need assistance in getting the ball rolling with your home sale, don’t hesitate to give me a call or send me an email. I’d love to help you.