How to decide if you should buy or sell in the current real estate market
When you’re thinking about buying or selling a house, there’s a lot to consider. Sometimes it’s urgent to sell your home if you need to move. Or maybe you simply need more space and decide to upsize. But is Narragansett a buyers or sellers market right now?
This is a critical question you should answer before you list or make an offer on a home.
Over the last few years, real estate markets across the country have been on a hot streak. Everything was selling, inventory was low, and buyers were emerging everywhere. As of 2022, that’s starting to change. Currently, markets are softening and slowing down a bit.
A recent report from the National Association of Realtors showed that pending home sales around the country dropped in the last few months. But what does that mean for you?
What’s a buyers market versus a sellers market?
To help you understand your real real estate options, here’s the difference between a buyers and sellers market.
A buyers market is when conditions move in favor of buyers. This can mean a lot of things, but a huge indicator is supply. When the supply for homes is greater than demand, it’s a buyers market.
On the other hand, a sellers market shows conditions that favor sellers. This often means low supply and high demand. When sellers have many offers, they’re in the advantage for negotiations.
Before you make any real estate transactions, you want to know if you’ll be at an advantage. So, is Narragansett a buyers or sellers market?
Is Narragansett a buyers or sellers market?
Like much of the country, supply in Narragansett is growing and demand is decreasing. But the whole economy is currently quite volatile. Market conditions have changed quickly in just the last few months.
Currently, Narragansett home prices have been up 16.5% compared to last year, selling for a median price of $792K. On average, homes in Narragansett sell after 23 days on the market compared to 26 days last year. There were 24 homes sold in September this year, down from 49 last year.
Part of the shift from a sellers market to a buyers market is rising interest rates. Rate hikes from the Fed have pushed mortgage rates as high as 7%. These changes in the larger economy are making it more difficult for buyers to afford a home.
So, even though supply is up, there are also fewer buyers in the market. For this reason, you may get different answers about if Narragansett is a buyers market or sellers market in 2022. Realtor.com shows more supply and a buyers market. Rocket Mortgage shows a sellers market.
Buying or selling a house in Narragansett
If you want to buy or sell a house in Narragansett, sooner is always better than later if you don’t know what the market will do. Timing the market is something people hope to do, but unless you have a crystal ball, now may be better than ever.
In addition, if you’re looking for exclusive, off-market deals you won’t find on the MLS, you have options.