Buying a home may feel out of reach for a lot of people because of the increase in price, but one local expert says the market is starting to lean in favor of buyers based on new data released this month.
“We are starting to transition more to a buyer’s market,” Windy Bailey, the Board President for the Pikes Peak Association of REALTORS, stated. “I think that the days of sellers holding out to get top dollar on their home are going away, and buyers have more opportunity on the market because there’s more inventory… so they’re able to walk away from a house they might say, ‘You know what? We can get one cheaper, you know, by somebody else who’s smarter and actually pricing their home properly.'”
Bailey pointed to the August numbers, showcasing that the median price of a single-family patio home dropped from nearly $500,000 to about $480,000. The average number of days on market also increased from 39 in July to 42 in August. Bailey recommends sellers think long and hard before listing their home for more money than it may be worth…