Inventory is up. Like, noticeably up. According to what I've been pulling from the MLS over the last 30 days or so, active listings in my area are sitting roughly 18% higher than this time last year. That matters a lot if you're a first time buyer because six months ago you were prolly competing with five or six other offers on anything decent under $350k. That's not really the case right now.
Prices haven't dropped off a cliff or anything. They've just kinda leveled out. Sellers are still getting solid numbers but the days of listing on a Thursday and having 10 offers by Monday are fading. Homes are sitting a little longer, maybe 20 to 30 days instead of a week. And that breathing room is honestly great for buyers who need time to think, get inspections done, and not feel like they're panic-buying a house.
If you're a first time seller, here's my honest take. Don't overprice your home hoping someone desperate will show up. That strategy worked in 2021 and 2022. It doesn't work now. I've seen listings sit for 45 plus days because they came out $15k too high, then they do a price reduction and buyers start wondering what's wrong with it. Price it right from the jump. Sounds simple but you'd be surprised how many people fight me on that one.
For buyers, rates are still in that 6.5 to 7% range which I know isn't awesome. But here's the thing. You can actually negotiate now. Seller concessions, closing cost help, repairs after inspection. Six months ago sellers would just laugh and move to the next offer. The leverage has shifted and I think a lot of first time buyers don't realize that yet.
I'll be real with you, I'm not some specialist with a fancy niche. I just try to give people all the information I have so they can make a good decision without feeling overwhelmed or talked down to. That's prolly the most important thing I do.
One more thing. If you're on the fence about whether to wait for rates to drop, just know that lower rates usually bring more competition back. More buyers, more bidding wars, prices go up again. So the window you're sitting in right now is actually pretty solid.
What's stopping you from making a move this quarter?