I’m being asked a lot lately about whether or not buying a house right now makes sense, or should you wait until Spring as prices continue to drop.
Yes, the projections are and the local Salem market trend is, that seller’s are continuing to lower their prices as inventory climbs. There are 31% more listings on the market now, than at the same time last year.
Will home prices continue to return to more appropriate levels? Probably yes. How is that for certainty? No one has a crystal ball, but there is still some overpricing occurring by some sellers. If you intend to live in a house for a long time, there are great deals to be had now. If you are a particular buyer (you know who you are), when you find a house you like, you should jump on it. It may not be around in the Spring.
Most buyers are able to find several homes they like, and making multiple buyer offers can help to secure a good deal for you. This can protect you somewhat by giving you a cushion in case home prices drop a little more. If you have questions about how a multiple buyer offer works, please feel free to give me a call.