How low inventory and flat prices affect both buyers and sellers.
What’s the state of the spring market, and where is it heading? Today, we’re here to answer that and update buyers and sellers on what they need to know. Some statistics have been unusually high, and some have been unusually low, so it can get confusing, but we can help.
First, both buyers and sellers need to know that inventory is extremely low. Inventory is down 11% from last year and 50% from before the pandemic. In addition, 26% fewer homes sold this past year. These numbers can sound scary, but they don’t have to be. Lastly, sales prices are staying flat.
“Our real estate market is transitioning, so this is a great time to act.”
This change in inventory is great for sellers. This means there are many buyers who are interested and very little competition. Plus, it means you didn’t miss the market, as many homeowners have been concerned about. Now is a great time to sell, and the days on market have inched up a bit to two weeks, but that is still very fast.
If you’re considering buying a home, this time may be a little rough. Interest rates have crept up to almost 7%, and you don’t have many options for homes. This just means that it is more important than ever to work with a professional. You need someone who knows how to get the job done in this tricky market. Also, you need to be smart and position yourself well.
Our real estate market is transitioning, so this is a great time to act. We are here tracking all of the latest data, so don’t be afraid to reach out if you need information or need help buying or selling. You can call, text, or email us anytime. We look forward to talking with you and helping you take advantage of this great market.
