What Is A “Normal” Housing Market?

November 28, 2023

What Is A “Normal” Housing Market?

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The last few years have been anything but “normal” when it comes to real estate.  A normal market is balanced between a buyer and seller; one side does not have much of an advantage over the other. 

Buyers’ Perspective

  • There are more homes to consider
  • Less urgency to act immediately
  • Home inspections are not waived
  • They can request concessions from sellers
  • There are fewer bidding wars
  • Homes are not bought sight-unseen

Sellers’ Perspective

  • Homes priced right sell quickly
  • Equity in the home is built over time
  • Homes may stay on the market longer
  • Offers usually received at or close to the asking price
  • May need to make repairs and/or concessions

A Seller’s Market occurs when there are more buyers than properties available.  There is more competition, especially for homes priced right.  Buyers may waive home inspections and requests for repairs.

A Buyer’s Market occurs when there are more properties for sale than buyers.  Homes may stay on the market longer and sellers may have to make concessions and/or price reductions. 

A Balanced Market is the transitional time, normally three to six months, between a buyers’ market and a sellers’ market.  Residential property prices are stable and homes are sold at or near the asking price. 

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Currently, we are in a Buyers’ Market and until we can get more of a balance between inventory and buyers, homes will take longer to sell.  Some are waiting for interest rates to drop dramatically, but analysts believe that future “normal” rates for a 30-year mortgage will be around 5% to 6% and truly this will be normal.  The exceptionally low interest rates of 2% to 3% were never normal rates and most likely will not be seen again.  So don’t WAIT for rates to return to that level or you will never purchase your dream home! 

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Homes Sold 1999 – 2022


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Total sales volume 1999-2022


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