For the past two years, more people have been buying homes than those selling them. This imbalance between supply and demand led to bidding wars, record-breaking increases in property prices, and tightening restrictions on affordability. But right now, the housing market is starting to slow down. Despite being in the double digits, home price growth is slowing. Additionally, as a rise in mortgage rates slows down sales activity, the number of homes for sale is growing.
According to NAR (National Association of Realtors), inventory fell to a historic low of only 1.8 months’ worth of supplies in February of 2022. However, it has been going up, hitting 2.7 months in June of 2022. According to the statistic, the property market is still one in which sellers are king, though not to the same extent as earlier in the year. This means that buyers have more choices and can proceed with caution.
If you’ve been looking to buy for the past year or two this means you now have more options and can take more things into consideration. If you’ve been looking to sell for the past year or two this means you will still get fair value for your home. Regardless of if you’re on the buyer or the seller side of real estate you should reach out to a qualified real estate agent!