Are Real Estate Prices Leveling Off?
Are real estate prices leveling off?
If you take an average, yes, we would say they are leveling off. An overall average allows for the fact that some very nice property and/or very affordable properties are still showing up at new heights, but acknowledges that just any high price will not automatically garner a half dozen offers on many properties coming on the market now.
This is not necessarily bad news for sellers, and definitely not bad news for buyers. Most sellers will be purchasing another property locally, or even possibly in another state.
If you make a ton on the property you sell, but end up paying equally as high a price for your next property, it will not necessarily be an economic step forward.
And of course, if you are looking for a property to buy, a slow down in price increases should broaden the number of possibilities in your desired price range.
We are seeing this leveling in Eagle County, as well as in our office on the Emerald Coast in Destin, Florida. Our advice is for sellers that are contemplating selling to call us now, and for buyers to be ready for more opportunities in the immediate future!