In terms of supply and demand it seems to be getting cooler with more inventory coming on the market relative to the sales demand. I have noticed that during recent weeks the demand has been a bit more active. Houses coming on the market seem to be larger and newer. Spring always triggers the instinct to buy homes and I think this will be no different this year! It is still the American dream to own a home!
During the first quarter the pro-dominant price of those going under contract was below $200,000. No surprise here, this is the range that the majority of buyers can qualify.
What does this mean to a buyer? Well, while demand is down overall, if you are buying in the most active price range don't expect sellers to be too excited about negotiating from their prices because there will be more that you looking to buy! If you are a seller it is advisable to price your home closer to the price you expect because you don't want to lose any opportunities to receive offers!
On the other hand, if you are in the range above $200,000 and you are looking at buying, the final sales price may still have a little room to negotiate. The higher the price range the smaller the pool of buyers.
Finally, remember this: all this means nothing if you see the home of your dreams. Don't get caught up in trying to squeeze every penny you can from the transaction. Simply purchase the home and be happy!
If I can answer any questions please don't hesitate to ask!
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