Spoiler alert 🚨 we’re seeing some positive inventory growth on our sub-$300K home tracker! Currently 190 active listings you can find here: Sub 300K Tracker. What does this mean for the market? Two trends are playing out, one being seasonality. When the weather cools off typically so does buyer demand allowing for inventory to accumulate. Additionally, the rising interest rates appear to be playing a role in the gradual nationwide expansion of inventory.
Before you start getting excited about the possibility of prices dropping, it’s worth noting that these higher interest rates are also causing sellers to remain on the sidelines. The current inventory available on the market is far less than what we saw two or even three years ago. If you’re a buyer, there’s reason to be optimistic in this market, as you now have more time to consider your purchase and greater negotiating power than we’ve seen in years. One important strategy to keep in mind is negotiating for the seller to cover your closing costs. This could potentially enable you to reduce your interest rate and lower your monthly payment. If you are a seller keep this in mind too, it is getting homes sold for good prices in today’s market.
Follow @BirdDogGroup on Instagram, Tiktok, and Youtube to be the first to see our latest real estate news and tips!