The game of Tug-A-War has been around for thousands of years, and it is applicable today… in real estate. Each side pulling hard to get their opponent to cross the line. Well… it feels like ‘Tug-A-War… In this current real estate market, we are at a transitioning point. We have both buyers and sellers feeling that they have the upper hand when in actuality, we are really close to an equilibrium point where neither the buyer nor the seller has an upper hand. Up until a few months ago, well priced homes were getting multiple offers. For the most part, that isn’t happening any more…(unless a home is priced way below market value). From just after the economy opened up again, (just after the onslaught of COVID 19), the real estate market went crazy. In the time frame between 2020-2023 home prices went up 40% and buyers were paying above asking in almost every sale. Now… not so much. As a matter of fact, it just might be the opposite. Buyers are coming in low AND asking for closing costs… or whatever they think they can get. This is mainly due to the rising inventory of homes for sale. During the time frame mentioned above (2020-2023) there were times that the housing inventory (homes for sale in the Greater Antelope Valley Association of Realtors) was in the 300 range. A little over a year ago, there were about 600 homes for sale and today, we are at almost 1,200 homes for sale. The numbers might say that the sellers still have the upper hand but some of this data is a month or two old….ie… if a home closed escrow today (sold) that offer was probably negotiated 30-60-or 90 days ago… and that is not a good representation of what is going on right now. I predict that the housing inventory will continue to climb. The good news is that homes are still selling. If the buyer wants to buy and the seller wants to sell, the realtors are there to make it happen.
Fun Facts: August 10th is National S’mores Day and August 15th is National Relaxation Day. I’ll partake in Both!!
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Wishing you ALL The BEST!!!! Ron, Josh and Michael, your Professional Real Estate Team!
