A year ago, on April 7, 2018 – Schuylkill County had 250 properties for sale between $100,000 and $200,000. One year later, that figure is 135. What the heck is going on? The middle is missing! We have high end homes, we have lower end homes but the average middle priced home is missing from the market. If we list a house right now in the $130-170,000 range and it’s priced correctly, it’s sold. Sometimes there are even multiple offers. One of our buyers recently got into multiple bidding wars in this price range, before backing out of the search. He’s going to now sit on the sidelines until the market turns – which it will. It always does. And economists say the market may be in its last days of a seller’s market, as more inventory comes up for sale and buyers get tired of beating each other up over houses.
The news on the street is that we are turning right now to a market “normalization” – where we will have a flattening of the real estate market and return to balance. A balanced market is one with 5 to 6 months inventory on the market. Anything less is a seller’s market, and anything more swings to a buyer’s market.
Buyers – don’t get discouraged. It’ll be shifting in your favor soon. Sellers – get on the market now before the shift happens.