It is time for another monthly market update.
I just got back from a conference that I have gone to every summer for the last 25 years with the top 4,000 agents around the country. I have known many of these people for years and we talked about seeing more homes on the market.
Currently, there is a noticeable shift from a seller's market to a more normal market, also called a compromising market. For the last several years, it has been that whatever the seller says, the buyer has to agree or they will not get a house.
Now, however, we are seeing that level off in terms of more homes for sale. In Seattle, one of the hottest markets, for example, January's inventory was down 30% from the year before. In June, though, it was up 50%.
We have also noticed an inventory increase here as well with more homes for sale. Compared to last year, we are 22% higher in the number of homes available. There are also more homes that are withdrawn or expired after going unsold.
The homes that are priced fairly will still sell but there aren't as many offers. Buyers are actually less likely to respond to a counteroffer and instead step back.
I am telling anyone that has a home on the market now that if you get a good buyer on your house, work really closely with them to keep them in play.
Again, we are in more of a normal market and we need to get used to homes not selling in seven days. They’re more likely to sell in 30, 60, or even 90 days unless you really find that sweet spot on price. Also, be prepared to compromise and work with people. Even though we are having a shift in the marketplace, we are in a healthy location and there are plenty of ways to take advantage of that fact.
If you have any questions or are interested in buying or selling, please feel free to reach out to me. I look forward to speaking with you soon.