There have been quite a few press reports in recent days, suggesting that we may be seeing the beginnings of a more stable, balanced real estate market and this could, in fact, be a very good thing.
While low mortgage rates remain an incredible motivation for many buyers, the widespread rollout of vaccines and reducing number of Covid cases is arguably calming some of the frenetic buying patterns we saw earlier in the year.
This doesn't mean that buyers aren't still looking to move to areas like ours in very significant numbers. They probably don't have quite the same sense of fear/urgency any more and things are possibly settling into a more usual pattern.
There have also been signs of increasing inventory of available homes in some sectors of our market. These aren't necessarily a reflection of less buyer sentiment, however.
Amazing price growth over the past few months has undoubtedly caught the attention of many Iron County homeowners, rightly recognizing that this could be the best real estate market they'll see, especially bearing in mind that over 30 new subdivisions will be coming on stream in the next year and beyond, greatly increasing competition with new build properties, possibly leading to further market correction.
It's very important to acknowledge that a more balanced market, with more choice for buyers, is actually a healthier one. It could easily lead to even more buyers, motivated by having increased options and the decreasing chances of frustration as offer after offer fails to meet with success.
For sellers, more buyers could yet lead to even better returns as, even though inventory has improved slightly, it is still not at a truly sustainable level to meet future demand, especially before the new subdivisions start to come online.
It's a perfect time to sell your home, as we approach the height of the selling season, so don't hesitate to get in touch with us to discuss your best options - 435-327-2090.