The housing market has been in a cooldown for the last few months, and there are plenty of questions about what this shift means for sellers. Well, don’t worry! We’re here to help. In this blog post, we’ll discuss why it’s still a seller’s market even during the cooldown and explain what recent news about the housing market means for you. Keep reading to get all the information you need to make informed decisions about your property!
Fewer Homes for Sale than Pre-Pandemic
One of the main reasons why it’s still a seller’s market is that there are fewer homes for sale than before the pandemic hit. This is due to two main factors: first, many people put their plans to sell on hold during the early days of the pandemic, when it was unclear what was going to happen. Second, even though some people did go ahead with their plans to sell, there were far fewer new homes being built during the pandemic, which has helped to keep inventory low.
A recent articlefrom Calculated Risk helps put this year’s increased inventory into context (see graph below):
Homes Are Still Selling Faster Than More Normal Years
Another reason why it’s still a seller’s market is that homes are selling faster than in more normal years. This is due to a combination of low interest rates, which make buying a home more affordable, and high demand from buyers who are taking advantage of the opportunity to buy while prices are still relatively low.
Buyer Demand Has Moderated
Finally, while buyer demand has moderated somewhat from the peak of the pandemic, it is still higher than it was pre-pandemic. This means that there are still more buyers looking for homes than there are homes available for sale, which gives sellers an advantage in negotiating a sale price.
So, if you’re thinking of selling your home, now is still a good time to do so. A trusted real estate professional can help you navigate the market and get the best price for your home. Contact me today to learn more.
The graph below uses data from NAR going back to 2018 to help tell the story of this shift over time (see graph below):