The market for housing is changing rapidly. In the past, there was a large imbalance between low housing supply and high buyer demand. This pushed home sales and buyer competition to new heights. However, in the current market, there is more balance between supply and demand. This results in less competition among buyers and more reasonable prices.
The market has slowed this year as buyers face higher mortgage rates and an uncertain economy. This is clear when you look at the data from ShowingTime, which illustrates how showings have softened by just over 12% compared to last year.
The green bar shows that active listings are up nearly 27% compared to last year. That’s because the moderation of demand allowed housing inventory to increase in 2022. This makes it a great time to buy a home, as there are more choices available, and buyers can negotiate better deals.
What Does This Inflection Point Mean for Buyers?
Today, there are more homes on the market than there was last year at this time. This gives buyers more options and less competition when searching for a home. Your real estate professional can help you understand how this change in the market has given you more power when negotiating. You may be able to find a home that is perfect for your needs rather than settling for something that is just “good enough.”
What Does This Inflection Point Mean for Sellers?
If you’re looking to sell your house, know that inventory is still low overall. That means if you work with an agent to price your house based on current market value, it may still sell despite the inventory gains and moderating buyer demand this year.
It’s still a good time to sell your house, especially if you work with an agent to price it based on current market value. Inventory is increasing overall, but there are still buyers who want to move, so your house may be exactly what they’re looking for.
Sandi & Debbie Say…
If you’re thinking about buying or selling a home, the best place to turn for information on the market is a trusted real estate professional. Let’s connect so you can stay up to date on what’s happening in our local market and how that impacts you.
Leave a Reply