This may be the best time for homebuyers in five years. So, what's changed?
Inventory is higher.
According to the latest data from the National Association of Realtors®, there are roughly 4.3 months of inventory on the market nationally. “This is the longest stint of four-plus months of supply in five years,” says Realtor.com® senior economic research analyst Hannah Jones.
Even with the disruption due to Hurricane Helene, listings have been up in the Greater Asheville region since this time last year by 5.4%. With more inventory, buyers can tour more homes that meet their criteria and ultimately get a property that checks every box without exceeding their budget.
Sellers are cutting prices sooner.
When more homes are on the market, sellers are more likely to make price deductions sooner to make their homes more attractive to buyers. Today, our region's MLS has 162 new listings and 230 new price decreases. One home listed for $1.2M in October was reduced to $1M after just 33 days on the market.
Price cuts often signal the seller's willingness to negotiate on other things.
Mike Wall, CEO of eXp Realty/EZ Sell Homebuyers in Dayton, OH, recently worked with a buyer who had been watching a home on the market for weeks.
"The price was initially set too high, and as a result, the property didn't receive much interest," said Wall. “After two price cuts totaling nearly 10%, my client swooped in and made an offer below the asking price, which the seller accepted without hesitation.” The seller even agreed to cover part of the closing costs—a clear sign of their motivation.
More days on the market give buyers more time, easing the pressure of buying.
According to Realtor.com economist Jiayi XU, homes nationally spent 58 days on the market in October 2024 -- the slowest October since 2019.
Since we had the disruption of Hurricane Helene in October, I looked at the Asheville market in September, and the average DOM (days on market) was 55, up from 36 in September of 2023 and up year to date from 44 days in 2023 to 54 in 2024.
More time on the market means less pressure on buyers to make quick decisions, easing the entire process.
Maybe it's not a total buyer's market yet, but moving closer to a balanced market is great news for buyers.
I agree with Jones that while we are not yet in a full-blown buyer's market, these changes mean buyers are in a better position than they have been in quite a while.
If you're ready to see if the Asheville market has what you want, I'm ready to help.
NOTE: The information and quotes in this article are from "Right Now May Be the Best Time for Homebuyers in 5 Years," by Julie Taylor, Realtor.com, Nov 18, 2024.
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