By “worse,” Coneway means the market could become more out of balance in favor of sellers during this year’s spring homebuying season.
“What I’d consider normal for Austin is a good solid six months of supply so buyers and sellers negotiate to get a reasonable price,” she says. “When demand is so high and supply so low, sellers can ask for what they want, and they might get an extra $10,000 or $20,000 on top of that because buyers get frustrated.”
Perhaps a better example of “normal” can be found in New England, where Allyson Bernard, owner of Real Estate Professionals of Connecticut, describes the housing market as “more healthy,” “more steady” and “becoming more balanced.”
“The last three, four, five years have been so unpredictable,” Bernard says. But now, “buyers can figure out on a personal level where they’re going to be and what their financial means and comfort are — or are not.”
Buyer readiness hasn’t brought on an inventory crunch, however. Instead, Bernard says, sellers still have to price their home competitively and be willing to make repairs before they put their home on the market or when they find a buyer for it.
“‘Realistic’ is the key word for sellers, even though there are more buyers that are a little more confident,” she says. “This is the long-term reality and is normal for the majority of the market.”
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