{"id":5984,"date":"2024-08-29T05:30:00","date_gmt":"2024-08-29T10:30:00","guid":{"rendered":"https:\/\/nwiloanguy.com\/blog\/are-we-heading-into-a-balanced-market\/"},"modified":"2024-08-29T05:30:00","modified_gmt":"2024-08-29T10:30:00","slug":"are-we-heading-into-a-balanced-market","status":"publish","type":"post","link":"https:\/\/nwiloanguy.com\/blog\/are-we-heading-into-a-balanced-market\/","title":{"rendered":"Are We Heading into a Balanced Market?"},"content":{"rendered":"

\"Are<\/p>\n

If you\u2019ve been keeping an eye on the housing market<\/a> over the past couple of years, you know sellers have had the upper hand. But is that going to shift now that inventory is growing? Here\u2019s a breakdown of what you need to know.<\/p>\n

What Is a Balanced Market?<\/strong><\/h4>\n

A balanced market is generally defined as a market with about a five-to-seven-month supply of homes available for sale. In this type of market, neither buyers nor sellers have a clear advantage. Prices<\/a> tend to stabilize, and there\u2019s a healthier number of homes<\/a> to choose from. And after many years when sellers had all the leverage, a more balanced market would be a welcome sight for people looking to move. The question is \u2013 is that really where the market is headed?<\/p>\n

After starting the year with a three-month supply of homes nationally, inventory has increased to four months. That may not sound like a lot, but it means the market is getting closer to balanced \u2013 even though it\u2019s not quite there yet. It\u2019s important to note this increase<\/a> in inventory is not leading to an oversupply that would cause a crash. Even with the growth lately, there\u2019s still nowhere near enough supply for that to happen.<\/p>\n

The graph below uses data<\/a> from the National Association of Realtors<\/em> (NAR) to give you an idea of where inventory has been in the past, and where it\u2019s at today:<\/p>\n

\"No<\/a>For now, this is still seller\u2019s market territory \u2013 it\u2019s just not as frenzied of a seller\u2019s market as it\u2019s been over the past few years. As Mark Fleming, Chief Economist at First American<\/em>, says<\/a>:<\/p>\n

\u201cThe faster housing supply increases, the more affordability improves and the strength of a seller\u2019s market wanes.\u201d<\/em><\/p><\/blockquote>\n

What This Means for You and Your Move<\/strong><\/h4>\n

Here’s how this shift impacts you and the market conditions<\/a> you’ll face when you move. Lawrence Yun, Chief Economist at NAR, explains<\/a>:<\/p>\n

\u201cHomes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.\u201d<\/em><\/p><\/blockquote>\n

The graphs below use the latest data from NAR<\/a> and Realtor.com<\/em><\/a> to help show examples of these changes:<\/p>\n

Homes Are Sitting on the Market Longer: <\/strong>Since more homes are on the market, they\u2019re not selling quite as fast. For buyers, this means you may have more time to find the right home. For sellers, it\u2019s important to price your house right<\/a> if you want it to sell. If you don\u2019t, buyers might choose better-priced options.<\/p>\n

Sellers Are Receiving Fewer Offers<\/strong>: As a seller, you might need to be more flexible and willing to compromise on price or terms to close the deal. For buyers, you could start to face less intense competition since you have more options to choose from.<\/p>\n

Fewer Buyers Are Waiving Inspections<\/strong>: As a buyer, you have more negotiation power<\/a> now. And that\u2019s why fewer buyers are waiving inspections<\/a>. For sellers, this means you need to be ready to negotiate and address repair requests to keep the sale moving forward.<\/p>\n

How a Real Estate Agent Can Help<\/strong><\/h4>\n

But this is just the national picture. The type of market you\u2019re in is going to vary a lot based on how much inventory is available. So, lean on a local real estate agent for insight into how your area stacks up.<\/p>\n

Whether you\u2019re buying<\/a> or selling, understanding how the market is changing gives you a big advantage. Your agent<\/a> has the latest data and local insights, so you know exactly what\u2019s happening and how to navigate it.<\/p>\n

Bottom Line<\/h3>\n

The real estate market is always changing<\/a>, and it\u2019s important to stay informed. Whether you\u2019re buying or selling<\/a>, understanding this shift toward a balanced market can help. If you have any questions or need expert advice, don\u2019t hesitate to reach out to a local real estate agent.<\/p>\n

Source: New feed<\/p>\n","protected":false},"excerpt":{"rendered":"

If you\u2019ve been keeping an eye on the housing market over the past couple of years, you know sellers have had the upper hand. But is that going to shift now that inventory is growing? Here\u2019s a breakdown of what you need to know. What Is a Balanced Market? A balanced market is generally defined […]<\/p>\n","protected":false},"author":1,"featured_media":5985,"comment_status":"false","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10157519356927224_105287467588662":"","twitter_15771620_15771620":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[54],"class_list":{"0":"post-5984","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-local-info","8":"tag-100-financing","9":"entry"},"yoast_head":"\nAre We Heading into a Balanced Market?—NWI Loan Guy Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nwiloanguy.com\/blog\/are-we-heading-into-a-balanced-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are We Heading into a Balanced Market?—NWI Loan Guy Blog\" \/>\n<meta property=\"og:description\" content=\"If you\u2019ve been keeping an eye on the housing market over the past couple of years, you know sellers have had the upper hand. 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