Inventory is High!

The real estate market is experiencing a significant shift, and it's crucial for both buyers and sellers to stay informed. With inventory levels soaring, the dynamics of buying and selling homes have changed considerably. Here's what you need to know.

For Buyers:

This is an excellent time to be in the market for a  home. The increased supply means more options and less competition, allowing buyers to take their time finding the perfect property. Current mortgage rates are relatively stable, making financing more predictable. Additionally, closing concessions are averaging around $10,000, which can significantly reduce your out-of-pocket expenses at the closing table.

For Sellers:

While the high inventory might seem daunting, there are still opportunities to successfully sell your home. Days on Market (DOM) have increased, meaning properties are taking longer to sell. However, this doesn’t mean your home won’t sell; it just requires a more strategic approach. Seller contributions have become a norm in this market, so be prepared to offer incentives such as paying for closing costs or making necessary repairs to attract buyers.

Market Update:

The rise in inventory has led to a more balanced market compared to the seller-dominated environment of recent years. This shift is largely due to an increase in new listings and fewer bidding wars, giving buyers more leverage during negotiations. While this might pressure sellers to be more competitive with pricing and concessions, it also encourages a healthier market where both parties can find mutually beneficial agreements.

In summary, the current real estate landscape presents unique opportunities and challenges for both buyers and sellers. With supply up and days on market extending, understanding these trends can help you navigate this evolving market effectively. Whether you're looking to buy or sell, staying informed about current rates and typical concessions will empower you to make smarter decisions.