As I followed the latest real estate reports for the last quarter of 2019 we are officially in a housing slump. I have the opportunity to buy another piece of property (sfr) but Wonder if the slump is to my advantage or will that work against me.
Have you seen a decline in prices yet? If not sales may be down but prices may not have yet corrected to a level that reflects sales yet.
What I've been reading says that less available supply created by sellers holding on to properties drives up prices. and no I'm not seeing anything significant yet. I'm located in NJ but buy outside of my high tax state.
As a matter of fact the areas that I buy I see price cuts anywhere from four thousand eight thousand in the last week.
Have you talked to local Realtors about how much of a slump we're in?
Great advice, will contacting local realtors today.