An update on the market, and finding a new normal as it shifts. 

What is going on with the market? If we listen to the media, it seems like we are heading for a crash. It’s like Chicken Little—people act like the sky is falling! However, both buyers and sellers have reasons to be frustrated and excited with today’s market. Sorting through all of this can get a little confusing, so we want to help manage some of the panic. 

To simplify things, let’s look at the trends from the West Coast because, in my experience, trends from the west normally make their way east to us. Back in May, the West Coast saw a 68% increase in inventory but a 30% decrease in homes going under contract. It typically takes a while for these trends to make it to us, but I believe the numbers reflect where we are heading. Especially since in the last few months, we have seen a decrease in offers in our market. The market is shifting.

"We have to find our new normal."

Whether this is another change in the market or we are headed back to pre-pandemic seasonality remains to be seen. Before the pandemic, July and August were normally slower months, so we’ll have to keep our eyes on the market to see if that remains true this year. 

Comparing this year’s second quarter to last year’s, we have more homes for sale but fewer closings. This could mean seasonality, buyer fatigue, or that we are returning to a more normal market. We have to find our new normal. 

Now is the best time to buy or sell a home. You never know what’s going to happen, so now is the time to act. If you have any questions about the value of your home, how to react to this market, or anything like that, we’re always here for you. Feel free to reach out to us by call or email. We look forward to talking with you!