Similar to any other marketplace in which goods or services are exchanged, the real estate market is affected by the law of supply and demand. Market dynamics impact the availability of supplies, causing prices to increase or decrease, and this has an impact on the behavior of buyers.
As many with an interest in the local market will remember, the past few years have been characterized by significantly increased levels of demand coupled with historically low inventory levels. This has led to some challenging situations for Buyers seeking to purchase a home, as many properties have garnered multiple offers and sold at significantly above asking prices. As we recently discussed at an Economic Forecast Summit sponsored by the Cape Fear REALTORS® and the National Association of Home Builders, existing home sales across the US declined for the first time in 10 years.
It’s worth pointing out that the decline in the Wilmington area was not as significant as it was in the res
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