Inventories High. What does that mean for you? When there's a surplus of inventory, it can have significant implications for both buyers and sellers alike.
For Buyers:
🔍 More Options: With a higher inventory, buyers have a wider selection of homes to choose from, increasing their chances of finding their dream property.
💰 Better Negotiating Power: Increased competition among sellers may lead to more favourable terms and pricing for buyers, as sellers may be more willing to negotiate to close a deal.
⌛️ Less Pressure: Buyers may feel less rushed to make a decision, allowing them to take their time and thoroughly evaluate their options.
For Sellers:
💼 Stiff Competition: Higher inventory means more competition among sellers, making it crucial for sellers to ensure their property stands out in a crowded market.
📉 Pricing Pressure: With more options available to buyers, sellers may need to price their homes competitively to attract attention and secure a sale.
🔄 Longer Time on Market: Increased inventory can lead to longer days on market for sellers, as it may take more time to find the right buyer in a saturated market.
Heres this months numbers 👇🏻
*Stats are from April 2024. Central Lakes Association of REALTORS®.