Home Sellers Outnumber Buyers

The Market Might Be Finally Tipping

After years of tight inventory, bidding wars, and price surges, the U.S. housing market may be shifting in a big way, and not just because of seasonality.

According to a new report from Redfin, there are now significantly more sellers than buyers in the market, which could signal a cooling period ahead.

But don’t expect prices to plummet overnight, there’s more to the story.

🔗 Read the article here:
👉 Read the CNN article here

Key Takeaways from the Article

• Biggest gap between sellers and buyers in over a decade:
  As of April, there were nearly 500,000 more home sellers than buyers, the widest gap since Redfin began tracking the data in 2013.

• Prices still creeping up, barely:
  The median home sale price hit $414,000 in April, up 1.8% year-over-year, marking the 22nd straight month of price increases, even with demand softening.

• Mortgage rates remain a hurdle:
  With 30 year fixed rates near 7%, affordability is still tight for buyers, which is keeping many on the sidelines.

• High inventory, low urgency:
  There are more homes for sale now than any time since March 2020, but buyers are hesitant. Many are waiting for prices or interest rates to drop.

• Spring slowdown:
  Spring is usually real estate’s hot season, but this year it’s feeling unusually slow. Listings are sitting longer, and more sellers are offering concessions or price reductions.

• Sellers might start blinking:
  Redfin predicts a modest 1% drop in home prices by year-end, especially if more sellers adjust expectations to meet the market.

📎 Want the full story?
👉 Read the full CNN article here

Bottom line:

Locally, we’re already seeing signs of this shift:

• More listings are lingering past the first weekend, even in popular neighborhoods like Pembroke Falls and Silver Lakes.

• Price cuts and seller credits are becoming more common, something we hadn’t seen much since pre pandemic days.

• Buyers have a bit more breathing room, especially if they’re well qualified and willing to negotiate.

• For sellers, realistic pricing is key. Homes that come in too high are sitting, while competitively priced properties are still moving.

Bottom line: the market isn’t crashing but the fever pitch is cooling.

If you're buying, this could be your window.

If you're selling, it's time to be strategic.