Have you noticed a change in the winds of real estate market?
The latest report from The National Association of Realtor’s Chief Economist Dr. Lawrence Yun notes that although pending sales have declined nationally, he still predicts an overall 8.4% increase in prices by year’s end.
Despite the “cooling trend’ economists predict a decent seller’s market as we move toward a more “normal” real estate market.
WHAT DOES THIS MEAN FOR SEDONA?
So, YES, we are experiencing a SLOWING of wildly unsustainable price increases. But experts agree that we are not experiencing a crash or even much of a depreciation.
Locally, Sedona has experienced a lot of new inventory, but the June number is still about ½ of what we might have expected in past years.
WHAT’S THE TAKEAWAY?
Homes may take a little longer to sell, but buyers may have greater ability to negotiate. They may be finally getting a break as the market normalizes a bit. Buyers and Sellers alike may need to exert new patience into the process.
That’s where an experienced, thoughtful real estate professional makes all the difference. Let me help you embrace the “winds” of real estate change!