SUMMARY
🟢Buyers
Improved buying overall buying experience.
🟡Sellers
Sellers are still in the driver seat if they run plays that work.
US Housing Market
More Inventory
More choices for your search is a good thing - and experts also say that inventory is projected to continue rising this year, which is even better. It mean is should be easier to find something that checks your most important boxes. But that's not all this does for you. Danielle Hale, Chief Economist at Realtor.com, explains some of the other perks of more inventory, beyond just having more homes to consider:
"Buyers will not only have more home options...but they are also likely to find somewhat lower asking prices and more time to make decisions - all buyer-friendly factors as we inch closer the busy homebuying season."
More Price Redcutions
Now that buyers have more options, some homes are sitting on the market a little longer - especially those that were priced too high from the start. And the result is more sellers are having to drop their prices to draw buyers back in.
This is a sign sellers are more willing to compromise today. If you look back to more normal years in the market (2017-2019), you'll see that the number of price cuts happening today is much closer to what's typical - and for most buyers, that's a big relief.
What does that mean for you? It could give you a better chance to negotiate - whether that's on price, closing costs, or even repairs. While not every seller will adjust their price, more of them are willing to do it - giving you more leverage than buyers have had in quite a while.
Local Market
Impacts on NWA
"Northwest Arkansas was no exception. We are seeing the same resurgence of active listings coming on market, longer time spent on market, and increased buyer leverage.
Sellers can still be in the driver's seat at the negotiation table but it requires they price & market the home correctly, running plays that work is the best way to win."
-Ryan Veit, REALTOR®
