Are We Entering a New Phase in the Market? Here’s My Take

For the first time in over a decade, there are officially more home sellers than buyers in the U.S., according to a recent Redfin report. That’s right—500,000 more sellers than buyers right now. If you’re wondering what that means for our local market, here’s my take, in plain (and friendly) English:

Locally, I’m seeing a lot more homes on the market than a few months ago. Suddenly, sellers who expected multiple offers within 48 hours are waiting. Inventory has swelled—there are plenty of options out there. Because of that, we’ve started to see price drops on houses that just a short while ago were holding firm at peak numbers.

1. Buyers Finally Catch a Break
With so many homes available, buyers who felt squeezed by bidding wars are starting to breathe easier. If a house is priced right out of the gate—clean, well-staged, and mildly updated—it often still goes quickly. But if a home is overpriced or not “move-in ready,” it can sit on the market longer than anyone expected. That means buyers can afford to ask for a little more: maybe negotiate a small repair credit, or request that the seller pays part of the closing costs. Remember, sellers no longer have an army of offer letters to choose from.

2. Sellers Still Hope for “Peak 2021” Numbers
Many sellers have watched their neighbors cash in on record-high sale prices during 2021 and early 2022. They’re holding out for that same magic—but in this current climate, sky-high offers simply aren’t as widespread. If you’re a seller, be prepared for more showings, more conversations, and very likely at least one price adjustment. It’s not that homes aren’t worth what you paid for them (in many cases, they still are). It’s just that buyers have more options these days—and if your home isn’t priced and presented to stand out, it won’t.

3. That “Weird In-Between” Moment
Right now feels like a pivot point: interest rates are higher than they were a year ago, and many buyers are a bit nervous. They’re waiting to see if rates drop or if prices dip another couple of percentage points. Sellers are still dreaming of “peak market” numbers—and that tug-of-war is exactly when markets start to swing. We’re in the thick of it: not quite a buyer’s market (yet), but definitely not the red-hot seller’s market we’ve been experiencing.

4. What This Means for You

• If you’re a buyer: Take advantage of the extra inventory. Shop around, see multiple homes, and don’t be afraid to negotiate gently. If you find a property you love—and it’s fairly priced with nothing glaring to fix—go ahead and make your move.

• If you’re a seller: Get your home in tip-top shape from day one. Get a fresh coat of paint, declutter, and price it competitively. A small price drop early on can attract eager buyers who don’t want to wait. And if you’re questioning your listing price, chat with me—I’m happy to walk you through recent local sales and show you what comparable homes are doing.

We’re at a moment when patient, prepared buyers can regain some leverage, and sellers who price thoughtfully can still find success. It may feel like a roller coaster, but remember: real estate always moves in cycles. This “in-between” phase is when decisions matter more than ever.

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