Tuesday, July 19, 2022 / by Brad Brethouwer
Sellers need to take advantage of this market before it’s gone.
Is this the end of the crazy bidding wars and lack of inventory? It’s not that clear-cut.
We’re still a seller's market, and it’ll be that way for a while. The type of market we’re in is determined by the number of available homes and the number of sales per month. Zero to six months of inventory is a seller's market. We probably have a little less than two months of inventory right now. Rising rates, the summer buying season, and inflation are shrinking the number of people who want to buy right now. They're sick of how quickly prices have increased, but that is now slowing down.
What does this mean for sellers? Time is of the essence. If you're looking to sell this year, you need to get moving. You're certainly not going to lose money because of how much prices have risen, but they are starting to plateau and come down. It's important to get things going because we don’t know for sure where this market is headed this year.
If you have any questions, visit bradbret.com and reach out to me by phone or email. I look forward to hearing from you.