The world is changing so quickly, and we can see how much it is affecting the real estate market, but why? Hi, I’m Sherri Echols, Broker Associate with RE/MAX Bryan – College Station. Let’s see what experts have to say about the shift in the market.
It seems like there has been a recent increase in the number of homes for sale. Mark Fleming, Chief Economist at First American says, “There has been a pickup in the inventory that we’ve seen recently, but it’s not from a big increase in new listings…but rather from a slowdown in the pace of sales. And remember that a months’ supply measures the inventory of sales relative to the pace of sales. Same inventory, fewer sales, means more months’ supply.”
A similar number of homes are going up for sale, but it is
taking longer to get them sold. In January of this year, the national inventory was only 1.6 months, and latest data has us up to 2.6 months of inventory. While this isn’t a huge difference, it is enough to make an impact on the market.
If we look at the inventory from last year (Slide 3), we see that there are more homes on the market now than there was last year. Buyers have more and more options now and it has resulted in more competition amongst sellers to try and get their homes sold.
Seller are reducing prices and being more realistic with their expectations in order to compete with the increase of inventory, which means buyers have more power and options than they have had in quite a few years even with interest rates going up, Whoop!
So with more listings available for buyers to choose from, and less competition over every house, now is the time to reach out to us about getting into your dream home with less stress than in the last couple of years.
I’m your Community Market Leader Sherri Echols, a helping hand for a happy home.