The numbers can't be ignored. Inventory has increased 19% month over month, and 50% more homes are on the market than this time last year. For months, we have been predicting the return to a more normalized market. We are on our way. Although it has taken a hurried hike in interest rates, the amount of available properties is returning to a healthier level.

Historical average inventory for April is around 14,000 homes, as opposed to the low set in 2021 of around 2,600. Currently, our market sits at around 7,000 available listings. Competition among sellers is heating up. With many more homes on the market, accurate pricing is more important than ever. Although some properties are experiencing multiple offer scenarios, these homes are in top marketable condition and priced to precision.

Each month, as the market normalizes, buyers have more to choose from and can wait for the right opportunity. Down payment amount and type of financing are coming into play more often. Sellers want to vet the financial health of the buyer to make sure that the transaction will get to the closing table. Rates have backed off considerably this week, and as of today are sitting at 7.16% for a 30-year fixed loan. Has the Fed done enough to crush inflation? My vote is no.

Whether you are planning to invest, buy, or sell, working with an experienced advisor will help you focus on how to best take advantage of this changing market.