If the market is shifting, will your home's value go down?
by Erin Salem
on Tuesday, November 6th, 2018 at 2:46pm.
It's no secret that the market is beginning to shift. After the 2007 crash and the subsequent slow, painful crawl out of the Real Estate black hole, we're glad to see a much healthier market in the past few years. However, the strength of the sellers' market is weakening ever-so-slightly. While we are no where near where we were before the last nose dive, we're seeing trends that suggest inventory is on the uptick. With more houses available, buyers have more to choose from. Multiple offer situations on a single property are happening less and less because buyers aren't as panicked about getting their hands on property - there's more where that came from.
That's not to say that property is abundant and we're in a buyers' market - we're not. We're just noticing the market begin to level itself out. Some would call it an "opportunity market," meaning both buyers and sellers will find themselves in a negotiating position, neither really in power. That means you need a Real Estate agent more than ever. “Having the right agent right now really gets you in front of the sellers and the property you want without realizing it," says Scott Durkin, COO and president of the sprawling luxury brokerage Douglas Elliman (founded in 1911).
If you're a home owner, the most common question we're hearing in this market shift is, "Is my property value going down?" Not exactly. While your negotiating power as a homeowner might begin to shift, the trend of home values is still on the rise. With years of slow and no new construction after 2007, inventory is still catching up with demand. Predictions currently suggest that home values will hold steady or slowly rise for at least another year according to ZillowSenior Economist Aaron Terrazas.
Whether you're looking to buy or sell right now, find a Realtor who can show the numbers and present cold, hard facts about how this slowly shifting economy is affecting you. Working with a Single Agent (the Realtors at Round Table Realty are some of the only agents in Jacksonville that can work as Single Agents) affords you far more information than working with a Transaction Agent does, so be sure to ask your Realtor if they're providing you loyalty, obedience, confidentiality, and most importantly - full disclosure. In a market like this one, you absolutely need someone who is representing you and only you!