Inventory is up about 15% compared to this time last year, at least from what I'm pulling off the MLS in our area. That's a real shift. Six months ago, buyers were fighting over every listing under $350k. Now? There's a little more room to breathe.
If you're a first time buyer, this is prolly the best window you've had in a while. More homes sitting on the market means sellers are a bit more willing to negotiate. I've seen price reductions popping up way more than they were in the spring. That doesn't mean everything is a deal, but it means you don't have to panic-offer $20k over asking just to get a shot.
For first time sellers, the picture is a little different. Your home will still sell if it's priced right, but "priced right" is doing a lot of heavy lifting in that sentence. I think some sellers are still stuck in 2022 mode where you could list high and let the market come to you. That's just not where we are anymore. Homes that sit longer than 30 days start to get that stale feeling with buyers and then you're chasing the market down with price cuts.
Here's something I actually feel pretty strongly about. If you're selling and your agent isn't having a real conversation with you about pricing strategy before you list, that's a problem. I don't care how nice the photos are. Pricing is the whole game right now.
Interest rates are still hanging around the high 6s, which isn't awesome but it's also not the shock it was a year ago. People are adjusting. I've had a couple buyers this month lock in and feel good about it because their monthly payment still worked for their budget. That's what matters.
I'll be honest, I'm still figuring out how to say all this stuff in a way that sounds super polished and professional. I just try to give you everything I know so you can make a good decision. Cool cool cool, that's really all I got for you this week.
If you're on the fence about buying or selling this quarter, shoot me a message. Even if you're just curious about what your place might be worth, I'm happy to look it up. Talk soon.