The Latest on Supply and Demand in Housing
Over the past couple of years, there has been a decrease in housing supply and an increase in buyer demand, pushing the competition further in home sales and buyer competition. An inflection point has reached in supply and demand as things have been shifting.
The graph below shows how different things are today in Supply and Demand
Higher mortgage rates have risen this year as buyer demand has been less severe during this market. The red bar on the graph pictured above, has showed how buyer demand has softened by over 12% compared to the same time last year. This data is from ShowingTime.
We can see how the green bar indicates how housing supply has changed. The green is using data from realtor.com to show active listings that are up nearly 27% compared to the previous year. This is due to the housing inventory increasing due to the moderation of demand in 2022.
What Does This Inflection Point Mean for Buyers?
If you’re considering buying a home, you will have more options and less competition than you would have had last year. Your home search has just expanded and we are here to help you buy your home today. We can help you understand how the increase in supply has also increased your negotiation power. It’s important to understand how the market has shifted and changed from last year to this year and the opportunities and and challenges buyers face in today’s market.
What Does This Inflection Point Mean for Sellers?
Work with us today if you are looking to sell your house! Inventory in selling is low overall in the market currently. If you work with me today, we will be able to price your house based on the current market value. Your house will still sell despite the buyer demand and the inventory gains. Sellers could be looking for your exact house!
Recap
If you are thinking of buying or selling a home, contact me today and I will be happy to provide information for you on today’s supply and demand. This will help you understand today’s market and what that means for you.