Buyer’s Market Returns
The country has moved to a buyers market. No more speculation, anticipation or any other type of ion words you can think of. It’s a fact.
In much of the country we have already seen sellers hurting for testing the market and setting homes at outrageous prices.
Local experts in the Las Vegas market say that at the rate that homes were resold in October, it will take about seven months to sell all the homes on the market.
This is because a year before there was a less than five month supply of homes for sale, and sellers took advantage and tried to price gouge consumers. According to Jim Merrion, regional director of RE/MAX Northern Illinois, there isn’t a stream of buyers like there was last year.
Merrion says last year people were waiting in lines to buy homes and the market just isn’t the same at this time. Now sellers have to deal with a buyer’s market and the hunt for good real estate agents is on.
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