The world is changing quickly and we can see that it's affecting the market, but why are we seeing such a large shift in the market?
I'm Stephanie Martenzi, SuperMom SuperAgent, with Southland Properties. Let's see what experts have to say about the shift in the market. There has been a recent increase in the number of homes for sale. It's true. Mark Fleming, chief economist at First American, says, "There has been a pickup in the inventory that we're seeing recently, but not a big increase in new listings, but rather from a slow down in the pace of sales. And remember that a month's supply measures the inventory of sale relative to the pace of sales. Same inventory, fewer sales, means more month's supply." So the same number of homes are going up for sale, but it's just taking longer to get them sold.
In January of this year, the national inventory was only 1.6 months and the latest data has this 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, we see that there are more homes going on the market now than there were last year.
Buyers have more and more options now and it has resulted in more competition amongst sellers to try and get their home sold. Sellers are reducing their prices and being more realistic in order to compete with the increase of inventory, which means buyers have more power and options than they have in quite a few years.
So with more listings and more options available for buyers, now is the time to reach out to me about getting your dream home.
I'm Stephanie Martenzi, SuperMom SuperAgent, here to help you have a super fun, empowered, and informed real estate experience by guiding you every step of the way. If you see me out in the community, make sure to say hi.
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