If you scrolled through Zillow or shopped for a home in the past two years, then you know that as a Home Buyer, it was slim pickings. Homes sold quickly, over list price, and the homes that were for sale were often outdated with deferred maintenance.
California Association of REALTORS reported good news for homebuyers: “After more than two years of consistent year-over-year declines in the number of active listings available for sale, the inventory shortage has shown consistent signs of improving in recent weeks. Last week, there were more active listings on the market than at any time in the past two years.”
More listings in July 2022 than for the past 2 years! That is an important shift. Some real estate market pundits have described it as the inflection point where prices are seeing downward pressure and homes are staying on the market for longer.
Home buying interest has slowed as, “The number of prospective homebuyers applying for residential purchase loans dropped 18% last week compared to the same week 1 year earlier. This marks the 60th consecutive week of year-to-year declines in mortgage applications that began after the peak homebuying season last summer. “
Is it doomsday for Home Sellers? Not quite.
With our comprehensive marketing package, we prepare your listing for the market from the preliminary meeting we have about selling your house to when the For Sale sign goes in the yard. Professional photos, video, 3D Matterport tours, open house, social media advertising, print marketing and more are all how we put your home in the best light for home buyers looking online and in person showings.
Is it a clearance sale for Home Buyers? Not quite.
However, you are in a better position than last year because you will not have to remove multiple cancellation rights and over $100K over list price to get an offer accepted. We’ve definitely seen more home buyers closing with FHA, VA, and lower down payment loans. We are starting to see more requests for credits from the seller and repairs paid for by the sellers compared to last year.
Curious about home buying or selling?
Our office line takes incoming calls from prospective home sellers, buyers, and agents looking for a new brokerage: (626) 609-2130.