How to decide if you should buy or sell in the current real estate market
If you’re looking for a scenic place to live or even a second vacation home, hopefully you’ve considered Pigeon Forge, Tennessee. But, is Pigeon Forge a buyers or sellers market right now?
You definitely shouldn’t make any real estate transactions before you know what market conditions look like. As of 2022, things seem to be cooling down around the country. This is a big change compared to the last few years with nearly every market booming.
A recent report from the National Association of Realtors showed that pending home sales around the country dropped in the last few months. But what does that mean for you?
What’s a buyers market versus a sellers market?
To help you understand your real real estate options, here’s the difference between a buyers and sellers market.
A buyers market is when conditions move in favor of buyers. This can mean a lot of things, but a huge indicator is supply. When the supply for homes is greater than demand, it’s a buyers market.
On the other hand, a sellers market shows conditions that favor sellers. This often means low supply and high demand. When sellers have many offers, they’re in the advantage for negotiations.
Before you make any real estate transactions, you want to know if you’ll be at an advantage. So, is Pigeon Forge a buyers or sellers market?
Is Pigeon Forge a buyers or sellers market?
Like much of the country, supply in Pigeon Forge is growing and demand is decreasing. But the whole economy is currently quite volatile. Market conditions have changed quickly in just the last few months.
Part of the shift from a sellers market to a buyers market is rising interest rates. Rate hikes from the Fed have pushed mortgage rates as high as 7%. These changes in the larger economy are making it more difficult for buyers to afford a home.
So, even though supply is up, there are also fewer buyers in the market. For this reason, it may be hard to tell if Pigeon Forge is a buyers market or sellers market in 2022. Realtor.com shows fewer “days on market” compared to last year, indicating a buyers market. Rocket Mortgage also shows a strong buyers market.
Most experts agree that Pigeon Forge will continue to move in favor of buyers in the near future.
Buying or selling a house in Pigeon Forge
If you want to buy or sell a house in Pigeon Forge, this is a pretty good time to start your journey. Supply is increasing and you’re more likely to find a home that you love. But prices have not yet bottomed out for sellers.
Plus, if you’re looking for exclusive, off-market deals you won’t find on the MLS, you have options.