The seller’s market that we’ve had is shifting quickly to a buyer’s market.

Today, we're talking about the real estate market in November 2022. The numbers almost don't make sense; I'll explain.

There were 24,021 active homes this year versus 14,706 last year. That's a 63.3% increase in homes on the market. 6,245 new homes came on the market this year versus 8,761 last year. That's a 29% decrease in new homes coming on the market. 4,898 homes were sold this year versus 8,963 last year. That's a 54.6% decrease in homes sold. The month’s supply of inventory: 4.9 months this year versus 1.64 months last year. That's a 298% increase in the month's supply of inventory. 

What are we looking at here? This market is moving quickly to a buyer's market because we have more homes on the market for sale, we have fewer homes coming on the market for sale, and at the same time, we have almost 55% fewer homes selling. So, the month’s supply of inventory is pushing closer to the six-month supply, which is considered a balanced market overall.

Interest rates play a big part. However, rates have been coming down in the month of November, and so we're starting to see more buyers starting to enter the market because rates have come down almost 1%. You'll have to check with your local lender for those available rates. 

“We’re talking about the real estate market here in November 2022.
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Now, if you own a home now and you're thinking, “Well, Jason, I'm not going to sell my home at today's price; I could have got a better price last year.” I heard that same thing back in 2007. People didn't want to sell their homes in 2007 for what they could have sold before back in 2006. Well, I don't know if we're in that same scenario, but it could happen. So if you have equity in your home, you can sell it, and you can go buy another home. Of course, that price is going to be reduced as well because of the changing market, and rates have actually come down again, so you can still lock in a good rate.

Historically, if you're looking to buy a home, guess what? You're not getting into a bidding war paying $100,000 more than the asking price because the market's not that hot anymore. You can actually negotiate with the seller and get a great price. In fact, in many cases, you can get a better payment. Now, even with today's rates, because prices have come down to what you would have paid at the beginning of the year with a lower interest rate, you want to talk about how to work the numbers.

That’s where I come in. Give us a call at (602) 738-9943 or send an email jason@thepenroseteam.com. I’d be happy to help you with all of your real estate needs.