When you hear the discussions on buyer's market or seller's market, what people are traditionally referring to is a time on market versus inventory equation. 6 months of inventory would be considered a level market. Meaning if we continued to sell at the current rate that we are selling today, if we divided that with the number of homes available, we'd get through all the homes for sale in 6 months. Currently the inventory is such that we are a long way from a level market. We also measure against price points, as typically there are more buyers approved for loans in a lower price bracket than say a Des Moines metro $750K+ price bracket. That being said, in today's market even within the higher Des Moines price points, the inventory is within a seller's market territory, below the 6 months threshold. What does this mean for you as a Des Moines resident looking to make a move, whether upsizing, downsizing or first time buying? It means you need a full time Realtor, to have your best interests in mind. Buyers, we need to stay on top of new listings and understanding things like for sale by owner, variable rate commissions and the nuances that can make the sellers select you as the next owner of their home. Surprisingly, it's not always about the offer price only. And Sellers... we need a game plan for your transition with terms such as home of choice, subject to proceeds and bridge loan, being very important as you decide to transition. We also need to run through scenarios for navigating contingencies and multiple offers to come out with the best possible result for your family. Give us a shout, we can educate on these things and more and come up with a game plan to partner with you to make sure the rollercoaster ride of this market is one that you can ride safely and with a smile on your face at the end!
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AuthorI find joy in helping home buyers and sellers achieve their real estate goals, by equipping them with information to make empowered decisions on their real estate journey. Archives
November 2022
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