Experts are predicting a shift towards a Buyer’s market as early as next year due to a perfect storm of economic indicators.
Home prices and mortgage rates are both rising, and many Buyers, especially first time Buyers, are postponing their purchase.
Existing home sales declined in September to the lowest existing home sale level since November 2015.
This creates tougher competition for sellers, may lead to excess inventory, and in the long term could create downward pressure on home prices.
The economists’ predictions are of a gradual, normal shift, but it is more critical than ever to price a home realistically in this environment.