If you have paid the slightest attention to what’s going on in the housing market, then you know how crazy the last couple of years have been for real estate. Homebuyers have been willing to risk it all to get their offer accepted - waiving inspections, offering $30k over asking, and willing to pay the difference should the property not appraise. Conversely, homeowners wanting to sell their property to take advantage of high prices, have been too scared to list because of the low inventory and the low possibility of finding a new home.
Luckily, we are finally seeing a change in the market. According to the National Association of REALTORS®, existing-home sales declined for the fifth straight month- down 5.4% from May and 14.2% from one year ago. Meanwhile, unsold existing home inventory is at 3.0 months compared to 2.5 months of inventory in June 2021; A small adjustment - but an interesting one. Home sellers can still list confidently knowing that the median existing-home sales price climbed 13.4% from one year ago to a new record high. However, the turning market is suggesting a forecast of slowing down as we wait for July stats to come out. We are expecting to see an increase in days on market and less properties sold as-is.
With all of that said, you can say goodbye to the days of offering well over list price on everything…at least for now. The real estate market is currently undergoing a “shift”. The supply of new and existing homes for sale is on the rise. This gives homebuyers a better chance of finding a home that will meet their current needs. While inventory overall is still low and the market is still fast-moving. Overall, it’s still a good time to list as home prices seem steady - just don't expect it to sell in one weekend, it may take weeks to months moving forward.
About the Author
Carynn Rader is a real estate sales agent for The Burke Team. She specializes in helping clients move from one home to the next with ease. Known for her tough negotiation skills, she works hard to get her clients the deal they deserve.