Here’s what buyers and sellers should know about our market shift.

Unless you’ve been living under a rock, you know that our real estate market was white-hot over the last few years. However, conditions are starting to shift. Is this new market a challenge or an opportunity?

In our opinion, a shifting market means more opportunities for buyers and sellers. For buyers, mortgage rates have increased over the last few months, but that isn’t necessarily a bad thing. Higher rates have curbed demand, so you’ll have less competition than you did before. This slowdown also means we have more inventory than we’ve had in a long time.

Look at the graph at 1:17 in the video above, and you’ll see that inventory levels have been historically low for the last two years. Now, more homes are on the market, so buyers have more options and less competition.

“A shifting market can look like a challenge, but with the right team, it can present new opportunities.”

Don’t let this inventory increase scare you if you’re trying to sell. For our market to favor buyers, we would need six or seven months’ worth of supply. Right now, we still only have 1.2 months’ worth of supply, so our market continues to favor sellers. Inventory may be higher than it was at the beginning of the year, but we are by no means in a buyer’s market.

The average number of offers on homes has also decreased. In April 2022, this number peaked at around 5.5 offers per sale. Now, that number is down to 3.4. This shows that our market is balancing out, which is great for both buyers and sellers. Buyers will have less competition, but sellers can still expect to receive multiple offers on their properties.

The bottom line is that a shifting market can look like a challenge, but with the right team, it can present new opportunities. If you have questions about the current market or anything else, please call or email us. Remember: It's not the market...it's the marketing that makes the difference!