The short answer is: Yes, we are moving toward a more balanced housing market, but we’re not exactly in the midst of one yet.
Sellers have had the advantage over the past couple of years, but the market landscape may be shifting now that the inventory is growing, along with other factors. Here is what buyers and sellers need to know.
A balanced market, defined
Basically, a balanced market is one that puts neither buyers nor sellers with the upper hand. While real estate experts report that it is still a seller’s market, it’s not as harried as it has been over the past few years.
Here is why:
Improved inventory
A balanced market is one that normally has a five-to-seven-month supply of homes for sale in the inventory. We are not quite there yet, but, since the beginning of 2024 and a three-month supply of homes nationally, inventory has increased to four months. Breaking down those numbers further, the housing supply has increased from 1.7 months in early 2022 to 4.2 months in August 2024. Note: This increased, improved inventory is not expected to be saturated enough to lead to an oversupply, which would cause a market crash.
Better price performance
In a balanced market, home prices usually stabilize, which happens in tandem with the increased amount of homes. There are also the opposing forces of high mortgage rates that put the pressure on lowering sale prices.
Buyer leverage
Things are changing! Buyers are garnering more negotiating power and less likely to waive inspections, so, sellers, be prepared to negotiate, be more flexible with the price, and address any repair requests. This is because homes are sitting on the market a bit longer, and sellers are receiving fewer offers.
Hire a local real estate agent
These are national numbers, of course, so it’s incredibly important to trust a local real estate agent expert to gain a better insight into your area’s ever-changing market. Because your agent will have access to local data, both buyers and sellers will have a better understanding of the market.
Connect with Paige Bird, a successful local real estate agent who has worked for 20 years in the Myrtle Beach area real estate market. During her tenure, she assisted more than 2,200 families in their home-buying and selling journeys. Paige is renowned for her extensive experience and commitment to high ethical standards, which uniquely positions her as the go-to agent for those looking to achieve their 2024 real estate goals.
Download the Paige Bird app free in the App Store or Google Play today!
For a free consultation with Paige, contact her today at 843.450.4773.
You can also follow her on Facebook and Instagram for all the latest real estate trends.
