Slowing real estate market works to some people’s favor

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

The housing market shows signs of fatigue, but the slowing can be seen in some areas of the country more than others. For instance, in the San Francisco Bay Area, multimillion-dollar listings are taking longer to sell than listings in the less-than-1-million-dollar price range. This can work to the advantage of home buyers trading up from a smaller to a larger home. Until recently, trading up in markets with tight inventories of homes for sale was not easy. It was easy enough sell a cute little starter home. But, finding the larger replacement home was difficult. Often when a suitable trade-up home came on the market, buyers faced competition from other buyers who were also eager to make the move up. This often led to sale prices that were higher than the list price and disappointment on the part of the buyers who lost out. Now as the inventory of for-sale homes grows, many higher priced listings are taking longer to sell. This means that there's more to choose from and less competitio...