- "The real estate market is shifting in favor of buyers, backed by real-time data from UrbanDigs."
- "Contract activity is at a seasonal low, and the Climate Index indicates a challenging environment for sellers."
- "Now is the time for buyers to take advantage of diving liquidity, declining listing success, and a deteriorating market climate."
If you've been sitting on the fence about diving into the real estate market, it's time to pay attention. Recent data from UrbanDigs suggests that the market is shifting in favor of buyers. Let's break down why now might be the perfect time to make your move.
The Seller's Struggle is the Buyer's Gain
Firstly, it's important to understand that sellers are currently in a challenging position. This isn't just a gut feeling; it's backed by real-time market data. The leverage has shifted, and buyers now have the upper hand when it comes to price action, inventory options, and negotiating power. This has been months in the making and is progressive in nature. So, if you're a buyer, this is music to your ears.
Contract Activity is Diving
One of the most telling signs is the decline in contract activity. According to UrbanDigs, contract activity is seasonally diving to its late September and early October lows. The rolling 30-day moving window of contract activity sits at 549 units, making new lows as we reach the end of September. This is typically the window when things bottom out and reverse higher with the Fall season. So, if you're looking to buy, the timing couldn't be better.
The Climate Index Tells a Story
The Climate Index, a new measure of market sentiment, has also shifted from a neutral to a challenging environment for sellers over the last several months. This isn't just a seasonal trend; the market has fundamentally changed. While the index is slightly ticking higher from its August lows, it still paints a sobering picture of current market conditions.
Advice for Buyers
If you're a buyer, this is a golden opportunity. The combination of diving liquidity, declining listing success, and a deteriorating market climate means that sellers who have to move property are up against the wall. Prices are likely down from their Summer highs. However, please don't get too greedy; take the leverage and environment for what it offers you.
In summary, the real estate market is undergoing a significant shift, and all signs point to a buyer's market. Whether you're a first-time homebuyer or looking to invest, now is the time to take advantage of these market conditions. While it will take 4-5 months for closed sales data to confirm this trend, active and motivated buyers have some serious opportunities right now.
So, if you've been waiting for the right moment to buy, consider this your sign. The market is ripe for discounts and value, and those willing to take a little risk could find great value out there today.