If there is one word that can be used to define the world since the onset of the COVID-19 pandemic, it is unprecedented. “These are unprecedented times,” is the explanation for every unusual event or trend that arose in the past year and a half. Unprecedented could also describe the housing market in 2021. The pandemic accelerated an already existing housing shortage, making it a seller’s market unlike anything seen before.
The real estate market in Tyler, Texas has closely followed the national market, which is just now beginning to slow. But the real estate market in 2021 was hotter than ever before, which begs the question: when will the Tyler real estate market crash?
Real Estate Predictions for Fall 2021 in Tyler, TX
The national housing market is expected to cool off somewhat, as is typical for the fall season. It has already begun to slow down in many of the hottest markets, but not to the extent that it has in previous years. Listing prices remain higher than average, although they are beginning to come down. Homes are spending a bit more time on the market, although still a shorter time period than is typical in the fall. Overall, the real estate market is expected to continue on a slight downward trend for the remainder of the year.
What Does a Real Estate Market Crash Mean for Sellers?
If you’re thinking about selling your home, this is still a good time to do it. Despite the gradual downshift, homes are still selling for much more than average and are spending less time on the market. You can expect to get more for your home now than it would have been worth at this time last year or in previous years, and it will likely sell quickly.
What Does a Real Estate Market Crash Mean for Buyers?
A hot real estate market with a housing shortage can be more challenging for buyers. It is difficult to find available homes that meet your criteria, and if you do find one you like, someone else puts an offer on it before you can. Bidding wars can occur, resulting in buyers paying more for homes than they can afford to and rushing into purchases without taking the time for inspections.
A real estate market crash could mean that buyers have the advantage. Houses will stay on the market longer and listing prices will drop. The only problem that may occur is that sellers may decide not to sell, resulting in a greater housing shortage.
Should I Sell My Home Now?
Whether or not it is a good time to sell your home depends on more than just the current real estate market. Yes, it may be a seller’s market, but if you sell your home will you need to buy a new home? You may be able to sell your home for more, but it may or may not be enough to make up for the higher price you’ll pay for a new home. Don’t rush into selling just because the market is hot if the time isn’t right for you.
Discuss Your Options With The Pamela Walters Group
Think it may be the right time to sell your home? Discuss your options with the RealtorsⓇ of The Pamela Walters Group. We can advise you on whether or not selling is your best option at this time. When it comes to the real estate market, timing is everything. Let us help you use timing to your advantage.
Call 903-962-0058 or contact us today. We look forward to helping you make the most of the current real estate market.