For the past couple of years there has been a significant imbalance between high buyer demand and lower levels of housing inventory. This discrepancy had pushed buyer competition to a whole new point of bidding wars. However, these days we are seeing things shift which is changing the landscape.
This year we have seen mortgage rates increase along with some economic uncertainty which has eased buyer demand. According to data from ShowingTime, showings have softened by 12% at this time compared to last year showing us a trend in buyer demand. We also can study some data from Realtor.com which is telling us that the number of active listings this year is up by 27% compared to last year. The cooling of buyer demand has ultimately indicated that it has allowed for inventory to increase.
What this means for buyers is that you will have less competition and perhaps an easier time buying a home than last year. There should be more housing stock to choose from and this also should mean you as a buyer could also have more negotiating power. Each market is going to be different which is why your trusted real estate professionals such as myself can direct you best for market nuances.
What this means for sellers is that there may be more competition when you list your home for sale, but inventory is still on the slim end. Pricing your home these days is a slightly different strategy than what it was maybe a year ago. Once again a local real estate professional will be able to guide you best on reading the current market value of your home in today’s conditions. Putting your home up for sale at the appropriate amount for today’s market will still result in a sale where there is such a great buyer demand out there.