Inventory is up about 15% compared to this time last year, at least from what I've been pulling off the MLS the last few weeks. That's a big deal if you're a first time buyer because six months ago you were prolly competing with four or five other offers on anything decent under $350k. Now? Not so much.
Prices haven't dropped a ton but they've softened. Sellers are getting a little closer to asking price instead of way over it, and homes are sitting for 20 to 30 days instead of going under contract in a weekend. If you're a first time seller this is gonna feel weird because you've been hearing stories about bidding wars for years. Those aren't totally gone but they're less common and mostly happening on really well priced, move in ready stuff.
Here's my honest take on something. I think a lot of first time sellers are overpricing right now because they're looking at what their neighbor got last spring. That was a different market. If your home sits for 45 days because you listed it $20k too high, you end up chasing the market down and that's way worse than pricing it right from the start. I'd rather have you priced a little aggressive on day one and get multiple showings that first week.
For buyers, rates are still in the mid 6s and I know that sounds rough. But here's the thing, you've got more room to breathe now. You can actually go see a house, think about it, maybe sleep on it. That wasn't really an option a year ago. And if rates come down later you can always refinance. You can't go back in time and un-lose a bidding war though.
Some stuff I'd keep in mind if you're jumping in this quarter:
- Get pre-approved before you even start looking, like for real not just a quick online thing - If you're selling, invest in making the place show well, fresh paint and clean landscaping go a long way - Don't wait for the "perfect" market because it doesn't exist
I'm always happy to talk through your situation, no pressure, no weird sales pitch. Just shoot me a message and we'll figure out if now actually makes sense for you. Cool cool cool, talk soon.