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Are We Heading into a Balanced Market?

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If you’ve been keeping an eye on the housing market over the past couple of years, you know sellers have had the upper hand.

But is that going to shift now that inventory is growing? Here’s a breakdown of what you need to know.

What Is a Balanced Market?

A balanced market is generally defined as a market with about a five-to-seven-month supply of homes available for sale. In this type of market, neither buyers nor sellers have a clear advantage. Prices tend to stabilize, and there’s a healthier number of homes to choose from. And after many years when sellers had all the leverage, a more balanced market would be a welcome sight for people looking to move. The question is – is that really where the market is headed?

After starting the year with a three-month supply of homes nationally, inventory has increased to four months. That may not sound like a lot, but it means the market is getting closer to balanced – even though it’s not quite there yet. It’s important to note this increase in inventory is not leading to an oversupply that would cause a crash. Even with the growth lately, there’s still nowhere near enough supply for that to happen.

The graph below uses data from the National Association of Realtors (NAR) to give you an idea of where inventory has been in the past, and where it’s at today:

 
 

For now, this is still seller’s market territory – it’s just not as frenzied of a seller’s market as it’s been over the past few years. As Mark Fleming, Chief Economist at First American, says:

“The faster housing supply increases, the more affordability improves and the strength of a seller’s market wanes.”

What This Means for You and Your Move

Here’s how this shift impacts you and the market conditions you’ll face when you move. Lawrence Yun, Chief Economist at NAR, explains:

“Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.”

The graphs below use the latest data from NAR and Realtor.com to help show examples of these changes:

 
 

Homes Are Sitting on the Market Longer: Since more homes are on the market, they’re not selling quite as fast. For buyers, this means you may have more time to find the right home. For sellers, it’s important to price your house right if you want it to sell. If you don’t, buyers might choose better-priced options.

Sellers Are Receiving Fewer Offers: As a seller, you might need to be more flexible and willing to compromise on price or terms to close the deal. For buyers, you could start to face less intense competition since you have more options to choose from.

Fewer Buyers Are Waiving Inspections: As a buyer, you have more negotiation power now. And that’s why fewer buyers are waiving inspections. For sellers, this means you need to be ready to negotiate and address repair requests to keep the sale moving forward.

How a Real Estate Agent Can Help

But this is just the national picture. The type of market you’re in is going to vary a lot based on how much inventory is available. So, lean on a local real estate agent for insight into how your area stacks up.

Whether you’re buying or selling, understanding how the market is changing gives you a big advantage. Your agent has the latest data and local insights, so you know exactly what’s happening and how to navigate it.

Bottom Line

The real estate market is always changing, and it’s important to stay informed. Whether you’re buying or selling, understanding this shift toward a balanced market can help. If you have any questions or need expert advice, don’t hesitate to reach out to a local real estate agent.

Read more at KeepingCurrentMatters.com

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As Featured in West + Main Home Magazine: Home Sweet Home

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West + Main Agent Heidi Bricker’s clients Becca and Shea

“ We fell in love with the lot, and the potential that we saw. Designing and creating this space has been one of the highlights of my life.”
— Becca + Shea

West + Main agent Heidi Bricker’s clients Becca and Shea always talked about wanting to buy “a piece of land” in the city.

I was skeptical of this vision or that it even existed, so it took us 9 months to find this house,” explained Becca. "We looked all over town, although we really wanted to be on the West side, closer to the mountains. The first house we ever looked at was three blocks from our current house, in Edgewater, Colorado."

BEFORE:

After they visited that house, and intrigued by the neighborhood, they decided to drive around a bit. We randomly drove down their current street, and were blown away by the large trees and rural feel of the block.

"I remember saying, ‘THIS is the street I want to live on,' remembers Becca. “Nine months later we went under contract on our house. We were open to a home that needed some work, and when this one popped up, on almost half an acre of land, on the west side of town, with amazing two-story high windows, we knew it was for us. We fell in love with the lot, and the potential that we saw. Designing and creating this space has been one of the highlights of my life."

"Our style is honestly a perfect blend of the two of our tastes. We each had drastically different styles prior to our relationship, and over the past 12 years we have slowly figured out how to marry them together. I have always had an eclectic style, but it was much more feminine when I lived alone," said Becca.

"Shea has always had a darker more masculine style, and is a big fan of antiquing (his parents are the ultimate antiquers, so he has learned from the best). He is really good at picking through an antique store and finding the coolest thing they are selling. Almost all of the amazing antique knick-knacks that are in our home, that give it so much character, he is responsible for finding. Generally speaking though, I think this home has unleashed a whole new creative side in me, in my quest for making each and every inch feel cozy, warm and inviting, and like it tells our story."

They use a pretty neutral paint palette and add color and intrigue through art and accessories, although they do love a color drenched room.

"I used Benjamin Moore’s White Dove, Simply White, Hale Navy and Accessible Beige, as well as Sherman William's Tricorn Black. The exterior is Benjamin Moore’s Blacktop + Creamy White, and I’m also obsessed with Step Stool Green by Magnolia as well as Pigeon and Dead Salmon by Farrow and Ball."

"I think part of executing an eclectic maximalist home is purchasing from a wide variety of places," said Becca. "I have always loved mixing old pieces with new. The furniture in our home is a mix of things that Shea built (he is very handy), many thrifted/antiqued items, some pieces from West Elm, Arhaus, Ikea, Urban Outfitters, Anthropologie, and even Target. Lighting has come from all over- Pottery Barn, Restoration Hardware, Schoolhouse, Ikea, and Wayfair among others. We’ve sourced tile from all over too- Home Depot, Zia Tile, Floor and Decor and Tile Bar. Wallpaper in the garage is from Etsy. We have taken the time to collect a wide variety of art, and over the last year even worked with Delia, from sb.vrt to hone our collection even more. I think our art really contributes to the overall vibe of our home."

"There are definitely a few more projects in this house I want to accomplish. We have one more bathroom I would like to eventually remodel, and a few other smaller projects- including adding a tree-net in the sunroom:). My design brain is always on the move though... so I’m not sure what will be next. I’ve always said that after all the work we have done to this house, we will never sell it, but the mountains may eventually pull us away. If we find the perfect piece of land on a river or a lake, we may just have to start over from the beginning again!"

 

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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As Featured in West + Main Home Magazine: Renovation Revelations!

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West + Main Agent Bev Marsh

“Our mini home makeover came on fast and furious for me.”
— Bev Marsh

After living in our builder grade home for over 10 years with original builder grade everything, it was really time for a refresh. My hubby was going to be out of town for 3 weeks and I wanted to surprise him, so I quickly got to work (first by unplugging the blink cameras) so he couldn’t see what was going on. I knew that I didn’t want to bust out any walls or do any major demos, but our home really just needed a face lift.

My first call was to my Interior Design friend, Elise Bratz from EMB Design in Castle Rock, CO. I needed someone to help me make my home look like a model home. She helped to bring my vision to life. I wanted simple changes, ie. paint color, furnishings and light fixtures and she really helped me with all the things. She also added all the finishing touches for me, little items in your home that you don’t think about, she thought of.

BEFORE

We shopped everywhere, but found most of our items at Wayfair, Home Goods, Target, World Market and even Walmart. We added a fresh coat of paint (Modern Grey by Sherwin Williams), changed out all of the light fixtures, added rugs and my whole main floor received all new furniture. The lighter paint alone made my home feel so light and bright. I was able to successfully pull off this home makeover in just 3 short weeks and honestly, I fell in love with my home all over again.

 

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Pinterest Predicts the Coziest Home Decor Trend for Fall 2024

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If there's one place you can depend on to have the scoop on the latest trends in, well, just about anything, it's Pinterest!

Not only does the creative board-based app give users the lowdown on everyday styles, like cute cowgirl boots or bud vases, but also the best seasonal trends in food, home decor, makeup, and more.

Last winter, Pinterest predicted the most comforting food trend of 2024: "melty mashups." And this year, they once again anticipate a super-cozy theme in time for fall, but it has less to do with French onion pasta and more to do with the home decor front.

The social media platform has released its trend report for fall 2024, which it describes as "a season for connectivity and creativity." In terms of home decor, Pinterest predicts cozy corners to take over every space in your home. Specifically, users have been searching for cozy sunrooms and cozy reading room ideas.

So, just how can you achieve this comforting vibe for your own autumnal home refresh? According to Pinterest, people are "embracing dreamy, cozy corners with a floral room aesthetics and cozy lighting, infusing their spaces with soothing colors." If you'd like to take a page from Ree Drummond's book, or at least her Walmart line, you could start with some textural, floral accents, like The Pioneer Woman Plush Reversible Throw. Just imagine curling up in the warm blanket with a book in hand (Ree's latest cookbook, anyone?).

Cozy lighting and air-purifying plants are also predicted to be huge in fall 2024. That can look like warmly-lit lamps, string lights, and even a roaring fireplace. On the green side, there are so many low-maintenance indoor plants that also purify the air (and add so much color)! Consider adding a snake plant or English ivy to the mix for the ultimate zen space.

If these ideas aren't enough to convince you that cozy corners will be all the rage this fall, let the numbers speak instead. The social media platform's trend reports have been accurate on over 80% of their predictions for the last four years, so this year should be no exception!

Read more at ThePioneerWoman.com

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Today’s Biggest Housing Market Myths

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Have you ever heard the phrase: don’t believe everything you hear?

That’s especially true if you’re thinking about buying or selling a home in today’s housing market. There’s a lot of misinformation out there. And right now, making sure you have someone you can go to for trustworthy information is extra important.

If you partner with a real estate agent, they can clear up some common misconceptions and reassure you by backing them up with research-driven facts. Here are just a few misconceptions they can help disprove.

1. I’ll Get a Better Deal Once Prices Crash

If you’ve heard home prices are going to come crashing down, it’s time to look at what’s actually happening. While prices vary by local market, there’s a lot of data out there from numerous sources that shows a crash is not going to happen. Back in 2008, there was a dramatic oversupply of homes that led to prices crashing. Across the board, there’s an undersupply of homes for sale today. That makes this market a whole different scenario (see chart below):

 
 

So, if you think waiting will score you a deal, know that data shows there’s not a crash on the horizon, and waiting isn’t going to pay off the way you’d hoped.

2. I Won’t Be Able To Find Anything To Buy

If this nagging fear about finding the right home if you move is still holding you back, you probably haven’t talked with an expert real estate agent lately. Throughout the year, the supply of homes for sale has grown. Data from Realtor.com helps put this into context. While there are still fewer homes on the market than in a more normal year like 2019, inventory is still above where it was at this time last year (see graph below):

 
 

So, if you’re remembering all that media coverage about record-low supply during the pandemic, you can rest a bit easier. While the market isn’t back to normal just yet, inventory is moving in a healthier direction. And that means as your options improve, you can let go of this now outdated myth because finding a home to buy won’t feel quite so impossible anymore.

3. I Have To Wait Until I Have Enough for a 20% Down Payment

Many people still believe you need a 20% down payment to buy a home. To show just how widespread this myth is, Fannie Mae says:

“Approximately 90% of consumers overstate or don’t know the minimum required down payment for a typical mortgage.”

And if you look at the data from the National Association of Realtors (NAR), you can see the typical homeowner isn’t putting down as much as you might expect (see graph below):

 
 

First-time homebuyers are typically only putting down 6%. That’s far less than the 20% so many people think they need. And if you’re looking at that graph and you’re more focused on how the number for repeat buyers is closer to 20%, here’s what you need to realize. That’s only because they have so much equity built up in their current house that can be used to make a larger down payment for their next move.

This goes to show you don’t have to put 20% down, unless it’s specified by your loan type or lender. Many people put down a lot less. Not to mention, depending on the type of home loan you get, you may only need to put 3.5% or even 0% down. So, if you’re buying your first home, you likely don’t need nearly as much for your down payment as you may think.

An Agent’s Role in Fighting Misconceptions

If you put your move on pause because you heard one or more of these myths yourself, it’s time to talk to a trusted agent. An expert agent has more data and the facts, just like this, to reassure you and help break through any misconceptions that may be holding you back.

Bottom Line

If you have questions about what you’re hearing or reading, connect with a real estate agent. You deserve to have someone you can trust to get the facts.

Read more at KeepingCurrentMatters.com

Related Links

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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