Now might be the right time to buy, here’s why:

I’ve been hearing from many buyers who have been patiently waiting for the market to cool down, only to be frustrated to learn that it is still a Seller’s market. That may be true, and prices are still high mainly due to a lack of inventory, but there are some signals that the tide is turning to at least a moderate Seller’s market:

There are fewer buyers. Rising interest rates, buyer fatigue, and people going back to work in their offices have contributed to fewer buyers in the market, which of course translates to less competition.

Homes are actually making it to the market. In the recent red hot market, homes were often selling before even making it to the market, which contributed to low inventory levels. Inventory is now building, with homes not only making it to the market but lasting more than a few days. Buyers are starting to have the luxury of actually having some selection!

Inspections are back! For the past two years, a competitive offer typically included waiving inspections or agreeing to take the house AS IS. We are now seeing more traditional inspection addendums, giving buyers at least some recourse during the contract phase.

Home Sale Contingencies are no longer taboo. A common practice in the pre-pandemic era, an accepted offer with a home sale contingency in the age of COVID has been unheard of. I recently wrote an offer with a home sale contingency that was accepted, mostly due to the strength of the market and knowing the home would sell quickly.

Cash is still king, but less buyers means you may not have to compete. It’s been tough to compete with cash offers if you need or want to finance your purchase, but we are seeing less buyers competing for listings which means you have a better chance of not having to go against a cash offer.

Offers are ‘normalizing’ With fewer buyers competing, some of the extra goodies being thrown into offers are disappearing: post-settlement occupancy, buying all the furniture, etc.

Although it is still a seller’s market, it has moved from a frenzied seller’s market to a moderate one. Well-priced quality homes are still selling quickly with multiple offers, but a fair, competitive offer now has a great chance of success.