Inventory is up. Like, actually up. I pulled numbers from the MLS last week and active listings in my area are sitting roughly 12 to 15 percent higher than this time last year. That's a real shift and if you're a first time buyer who's been sitting on the sidelines feeling like everything sells in two days, things are changing a bit in your favor.
Prices haven't dropped off a cliff or anything. They're still climbing in most spots, just slower. Think 2 to 3 percent year over year instead of the wild stuff we saw in 2021 and 2022. Homes that are priced right still move quick but the overpriced ones? They're sitting. 30, 40, sometimes 60 days on market. That didn't happen a year ago.
Here's where I'll be honest with you. I think a lot of first time buyers are still waiting for some magic moment where rates drop to 4 percent and prices come down 20 percent. That's prolly not gonna happen. If you can afford a payment today and you find a place you like, waiting another year just means you're paying someone else's mortgage (your landlord's) for 12 more months. I'd rather see you building equity even if the rate isn't perfect. You can always refinance later.
For first time sellers, this is actually a solid window too. Buyers are out there but they're pickier now. So your prep work matters more. Clean it up, price it right from day one, don't get greedy with the list price. The homes I've seen go under contract fastest this spring were the ones where the seller listened to their agent on pricing instead of adding 20k "just to see."
One thing I always tell people, buyers and sellers both. Ask questions. There's no dumb question in real estate, seriously. I would rather you text me at 9pm asking what earnest money is than sign something you don't fully understand.
So if you've been going back and forth about making a move this quarter, reach out. I'm at Black Label Realty and my phone's always on. Cool cool cool, talk soon.
What's the one thing holding you back right now?