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 Cherry Hill 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 Cherry Hill a buyers or sellers market?
Is Cherry Hill a buyers or sellers market?
Like much of the country was over a year ago, supply in Cherry Hill is still tight and demand is strong. This does not reflect the national trend which is starting to feel the effects of inflation that has made it very volatile. Nationally, market conditions have changed quickly in just the last few months. Accordingly, though Cherry Hill, New Jersey is not showing that same trend now, it could change very quickly.
Part of the National shift from a sellers market to a buyers market 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. As rates increase there is a point at which even an area with a limited supply of houses will see a drop in demand. So, even though supply is down in Cherry Hill, interest rates could potentially begin scaring off the buyers, shifting supply in their favor.
That of course may not be reflected in market prices and availability right now. Realtor.com shows the market is leaning towards a sellers market. Rocket Mortgage also shows that it is a sellers market. Movoto corroborates this by showing that it is a sellers market as well. Compared with other areas nationally, this trend tends to be an anomaly as many experts see future markets beginning to favor buyers. Cherry Hill, New Jersey currently runs counter to that trend with three major sources showing it is still a sellers market.
Buying or selling a house in Cherry Hill
If you want to buy or sell a house, 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, regardless of national housing trends. Make sure to check out Your Home Sold Guaranteed Realty TX-Nancy Kowalik Group deals that are coming soon. You’ll see some of the best properties coming on the market. You can even search based on your own criteria.