Six months ago I was watching buyers fight over the same three listings in a zip code. That's not happening as much anymore.
Inventory has been climbing. According to what I've been pulling from the MLS over the last 60 days or so, active listings in my market are up roughly 20 to 25 percent compared to the same time last year. That's a real shift. Not a dramatic flip, but enough that you can feel it when you're out showing homes on a Saturday.
So what does that mean if you're buying your first home?
You have options now. Real ones. A few months back I was telling clients to be ready to write an offer within hours. Now you can breathe a little. Take a second showing. Sleep on it. That doesn't mean you should drag your feet, but the pressure cooker has cooled down a bit and that's a good thing.
Prices haven't dropped off a cliff or anything. Sellers aren't panicking. But I am seeing more price reductions than I saw earlier this year, and homes are sitting a week or two longer before going under contract. For a first time buyer working with a budget (which is everyone, let's be honest), that extra breathing room can be the difference between getting a home you love and settling for something that just checks a box.
If you're on the selling side and this is your first time listing a property, the biggest thing I want you to hear is this. Pricing matters more now than it did six months ago. You can't just slap a number on there and expect five offers by Monday. The comps have to make sense. Your home needs to show well. A good agent (hi, that's me) is going to tell you the truth about where your home should be priced even if it's not the number you were hoping for.
I think some agents are still coaching sellers like it's 2021. I disagree with that approach. The market has shifted enough that overpricing just burns your days on market and makes buyers suspicious.
One more thing. If you've been sitting on the sidelines waiting for some kind of signal that it's the right time, more inventory is that signal. Not because everything is cheap. Because you finally have choices.
Shoot me a message if you want to talk through what's out there. Sounds good? Cool cool cool, talk soon.