But what about the BUYER? A Buyers Market is generally defined as a market area with over 6 months of inventory. If, in a certain area 20 homes sold over the past 12 months, and there are now 10 homes on the market, that equates to 6 months of inventory. Most area inventory is 12 months are greater. We are in a STRONG Buyers market. Buyers are in control, and I am not sure they realize it.
It is hard to look at Memphis real estate sales stats and see trends, so I will make a prediction instead: As ready, willing (although not necessarily excited), and able buyers trickle back into the market, they will take greater advantage of their strong positions, and we will see prices across the board decrease. That part of the cycle has been slow in coming but is quite necessary for market stabilization and recovery.
Download MAAR’s March Report here.
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nice info….good for sharing….
nice info….good for sharing….