After a year of seeing record-setting home prices and increased buyer demand across America, the housing market is beginning to show signs of cooling off around the country. (Our faces? Shocked.)
But how can hopeful homebuyers spot a forthcoming cool-off in neighborhoods where they’d like to buy — and time their house hunt accordingly? Kerry Melcher, Head of Real Estate at Opendoor (who has 30+ years of real estate experience) says cool-off signs go beyond noticing your neighbors finally talking about more than their home-buying woes.
Here are 3 ways to spot a cooling market:
- You see more ‘for sale’ signs in your neighborhood — and they aren’t disappearing overnight. “When you start to notice for sale signs hanging out for more than a few days without a ‘sold’ sign, this is a signal of the seller’s market beginning to slow down,” Kerry notes.
- Homes are selling within the current price range for the neighborhood, not setting new record highs. “Pay attention to the prices homes are selling for,” Kerry advises. “The market may be cooling if each new sale in your neighborhood, or future neighborhood, is not setting records for price per square foot.”
- There are more homes on the market, with more choices available for potential buyers. “Has inventory increased?” Kerry asks. “Cooling markets allow for more choice, and more time to see a home before it’s sold.”
Locally, we want to know: Are you seeing signs of a cooling market in your neighborhood? Let us know in the poll below. And if you’re thinking about selling soon, you can calculate your home’s value with Opendoor using this calculator and get a free estimate on your home here. Ⓟ