Cervone Deegan + Associates knows that for the past few years, there has been a substantial imbalance between high homebuyer demand and low levels of housing stock. The tipped scale had forced buyer competition to a whole new point of bidding wars. However, nowadays we are seeing things shift which is changing the landscape.
In 2022 we have seen mortgage rates rise along with some economic uncertainty which has eased buyer demand. According to data shared by ShowingTime, showings have softened by 12% at this time compared to last year showing us a trend in buyer demand. We also can refer to some data from realtor.com which indicates that the number of active listings this year is up by 27% compared to last year. The softening of buyer demand has ultimately shown us that it has allowed inventory to increase.
The Outlook For Buyers
What this translates to for buyers is that you will have less competition and maybe an easier time buying a home than last year. There should be more available homes to choose from and this also could mean you as a buyer could also have more negotiating power. Each market will vary from the next which is why your trusted real estate professionals such as Cervone Deegan + Associates can direct you best for market nuances.
The Outlook For Sellers
What this translates to for sellers is that there may be more competition when you put your home on the market for sale, but inventory is still on the lower end. Pricing your home today is a slightly different strategy than what it was maybe a year ago. Here again, a local real estate professional like us will be able to guide you best on reading the current market value of your home in today’s conditions. Listing your home at the correct amount for today’s market will still result in a sale where there is such a great buyer demand out there.