If you've been keeping an eye on the housing market, you may have noticed that sellers have had the advantage in recent years. However, with rising inventory levels, this dynamic could be shifting. A balanced market usually has a supply of homes that lasts five to seven months, where neither buyers nor sellers dominate, resulting in stable prices. Right now, the national inventory has increased from a three-month to a four-month supply, suggesting a move toward balance, although it still favors sellers.
This growth in inventory means homes are selling more slowly, and sellers are receiving fewer offers. Consequently, buyers are gaining more negotiating power and have more time to find the right home. Sellers might need to be more accommodating regarding price and terms, and buyers are less inclined to skip inspections. Market conditions can differ significantly by location, so working with a local real estate agent can provide tailored insights. Whether you’re looking to buy or sell, staying updated on these changes can aid in making informed decisions.