Market Update - 08.17.23
Our June market update predicted we may be on our way to a balanced Lake Chelan real estate market. This summer the prediction came true.
A balanced market is traditionally defined as having five to six months of inventory (as calculated by dividing current inventory by the homes sold or pending per month).
The graph above shows what ever buyer knows. We have been in a solid Seller’s market for the last three years. But now we have entered the “balanced” range located between five and six months inventory.
For Buyers this means you have more time and clout in the market. Many Sellers continue to over-price their homes. Don’t be afraid to offer less than asking. But also don’t expect every Seller to jump down to your offer range immediately. Patience is needed to allow Sellers to realize the real (and often lower-than-hoped-for) value of their home.
And Sellers, please heed the pricing input of your real estate professional. Pricing your home above market will only lead you to frustration. And in some cases, you will miss the sales window.
