When will real estate become a buyer's market? #shorts #realestate #buyersmarket #homebuying

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There is a lot of buzz around real estate right now and I am asked almost every day when is it going to be a buye'rs market. The truth is there are likely some pockets in the United States that may have already shifted to a buyers market but it hasn't happened in Knox County Ohio. I talk to hundreds of Central Ohio real estate agents each month and the majority of them are saying the same thing...there are still more buyers than there are sellers. Until this changes it will remain a seller's marker relating to the housing market.

In the Knox County Ohio real estate market there are only about 39 homes located in Knox County Ohio that are active and available to purchase and listed in the Knox County MLS. The current buyer level in Knox County Ohio is likely around 300 legit buyers who are pre-approved and ready to purchase. When you have more buyers than sellers you are likely experiencing a seller's market. With that said, the Knox County Ohio housing market has shifted a bit over the last couple of months and with interest rates increasing we aren't seeing the same level of offers on our newest listings and there aren't as many houses selling over the asking price. This is a sign that the market is starting to cool off a bit but that alone doesn't make it a buyer's market.

You may be wondering what would cause the housing market to shift from a seller's market to a buyers market? There are a lot of things that can shift a market and the most common is when the mortgage industry experiences significant changes in the availability of affordable loans. Another example would be if there was a huge increase in the number of banks foreclosing on past due borrowers who can no longer afford to pay their monthly mortgage payments. If the number of unemployed homeowners doubles we could experience a buyer's market. In 2008 to 2010, most of America shifted into a buyers market and given enough time...it will happen again because the economy and the market goes through peaks and valleys.

The next question you may be wondering if "Will home prices come down" and we will cover that topic in a future video.

Thanks for watching!

Sam Miller
REMAX Stars Realty
710 South Main Street
Mount Vernon, Ohio 43050
http://www.SamMillerSells.com