Last month I pulled up the MLS data for my area and there were roughly 18% more active listings compared to the same time last year. That's not a small bump. That's a real shift, and if you're a first time buyer or seller, I want you to understand what it actually means for you right now.
More inventory sounds like great news for buyers, and honestly it is. You've got more options. You're less likely to walk into a bidding war where you feel pressured to throw your best offer out immediately. I've had a couple buyers this quarter who were able to take a full weekend to think before submitting an offer. That was rare even six months ago. So if you're shopping, cool cool cool, breathe a little. You've got room.
But here's the thing. More listings also means buyers are pickier. If you're selling your home for the first time and you think you can just slap a sign in the yard and wait for five offers by Friday, that's not the market we're in. Pricing matters more now than it did a year ago. I've seen homes sit 30 plus days because the seller listed $15,000 over where the comps pointed. That's a real number from a real listing I watched expire last month.
I think a lot of first time sellers don't realize how much buyer psychology changes when there are more homes to choose from. Buyers start comparing. They get patient. They pass on homes that need work because the next street over has something move-in ready at a similar price. Your home has to show well and it has to be priced where the data says it should be. Not where your neighbor says, not where Zillow's estimate lands. Where actual closed sales point.
For buyers, my one piece of advice this quarter is don't let the extra inventory make you lazy. More choices doesn't mean wait forever. Rates are still hovering around 7% and if they dip even slightly, competition will pick back up fast. If you find the right home at the right price, move on it.
I know the market sounds complicated from the outside. It doesn't have to be. If you want to talk through what this looks like for your specific situation, awesome, reach out. Talk soon.