It's no secret that the housing market has been HOT for the past several years. However, all market trends eventually come to an end. Buyers have started asking our real estate agents whether things are finally cooling down and what they should expect going forward. 

While no one has a crystal ball, the latest data shows that inventory is creeping up, some homes are staying on the market for longer, and some home sellers are cutting prices. What does this mean for you and your home buying or selling prospects? Here are a few of our predictions. 

1. Home Values Continue to Rise - But That Might Change
   It's likely that home prices will either rise or stay the same for the next two years. Since they're currently at record highs, this is good news for sellers. However, while prices are expected to remain high, growth is expected to slow. If you're thinking about selling, you won't want to wait too long to get your home on the market. 

2. The Number of Available Homes is Increasing, Offering Buyers More Options
   This hot market means that it's been extra hard for buyers to get their hands on the perfect home. In fact, if you've been exploring homes for sale, there's a good chance you've seen plenty you loved - only to find out that they're already under contract. Even if they aren't, bidding wars are common. The shortage of homes on the market is the primary reason for this. But, there's good news for buyers. The number of available homes is starting to grow in many areas, offering buyers more options for finding the home they really want. 

3. The Number of Days of the Market is Increasing in Some Areas
   You may think the increase in inventory and additional competition would be bad for sellers, but it hasn't quite reached that point yet. In some cities, like San Jose and Los Angeles, the average number of days on the market has started to increase by a couple of days. However, across the country, the average has actually decreased slightly. This puts a bit of pressure on homeowners who might be on the fence about listing their homes. As these numbers continue to change, you may end up waiting longer to sell or having to accept an offer that is lower than you had hoped. 

4. Sellers May Need to Be More Flexible
   If you put your home up for sale, keep in mind that there's a chance you may need to adjust your asking price. This is particularly true if it doesn't sell right away. The longer your home stays on the market, the more potential buyers will start to wonder whether there's something wrong with it. Lowering your price might sting a little, but a willingness to be flexible will help prevent your home's listing from going stale. 

5. Buyers Will Still Need to Be Competitive to Get the Homes They Want
   While buyers might start to have more options, it's still important to set yourself up for success so you can act fast when you find the home you want. Make sure you get preapproved for your mortgage and work with a real estate agent who can help you negotiate the deal like a pro. This will increase the chances that you'll get the home you want. 

Whether you're thinking about buying or selling, the experts at Griffith Realty are here to help. We have years of experience in the real estate market and know how to make the entire process as smooth as possible. Contact us today.