What a cooling market means
When the market cools, buyers have more time and more choice. They compare more homes, take longer to decide and push harder on price. Good homes still sell. The ones that sell are priced off what similar homes nearby have actually sold for.
What to watch
Sales near you. Citywide headlines cover every suburb at once. Recent sales of homes like yours, on your street or close by, tell you far more.
Homes competing with yours. Look at what's for sale nearby now. If buyers have plenty of similar homes to choose from, price and presentation matter more.
How long homes take to sell. Ask agents how long homes like yours have taken lately, and what happened to those that sat unsold.
What it means if you're selling
A cooling market rewards accurate pricing. Get more than one opinion on your number before you list, and ask each agent to show you the comparable sales behind their estimate. Be careful with the highest figure. A price that starts too high can leave your home sitting while buyers move on.
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