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 Westerly a buyers or sellers market right now?
This is a key question you should answer before you list or make an offer on a home.
In the last few years, real estate markets across the country have been on fire. Everything was selling, inventory was low, and buyers were everywhere. As of 2022, that’s starting to change. Currently, markets are softening.
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 Westerly a buyers or sellers market?
Is Westerly a buyers or sellers market?
Like much of the country, supply in Westerly is decreasing and demand is increasing. But the whole economy is currently quite volatile. Market conditions have changed quickly in just the last few months.
Currently, Westerly home prices have been up 13.5% compared to last year, selling for a median price of $315K. On average, homes in Westerly sell after 22 days on the market compared to 27 days last year. There were 47 homes sold in September this year, down from 49 last year.
Generally speaking, part of the shift from a sellers market to a buyers market in certain parts of the county 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 may be up, there are also fewer buyers in the market. For this reason, you may get different answers about whether or not Westerly is a buyers market or sellers market in 2022. Realtor.com shows less supply and a sellers market. Rocket Mortgage also shows a sellers market.
Buying or selling a house in Westerly
If you want to buy or sell a house in Westerly, 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.
Plus, if you’re looking for exclusive, off-market deals you won’t find on the MLS, you have options.