Pulse is a recurring column where we ask for readers’ takes on varying topics in a weekly survey and report back with our findings.
It seems like we’ve been talking about the one-two punch of high interest rates and low inventory for years — because we have. The combination created a self-perpetuating cycle that resulted in the post-pandemic “lock-in effect.” Now, however, it seems that sellers have finally decided the time has come to put their homes on the market, giving buyers more options than they’ve had in ages.
As inventory is (finally) on the rise in many parts of the United States, we asked: What are you seeing in your local market? Are sellers coming off the sidelines? How do current levels compare to last year or before the pandemic? Are sellers realistic on price and positioning amid the new normal? Here’s what you said:
- In South Florida, we passed the tipping point of low activity. There are enough “must sellers” that have added up the carrying cost and lost opportunity from proceeds of a sale that are wheeling and dealing now. Previously, the baseline of inventory was so low that sellers didn’t have to lower their price but that has changed.
- The most direct answer is: It depends. On what? On price range, on geographic location/proximity to city, and other factors. The median home price here is about $400,000. Anything under that, is very active. Homes closer to the $1 million mark are still very, very slow. We are overdue for price corrections. From 2018-2023 we had a 100 percent price increase in the median home price. That has got to come down.
- Yes! I’m in Northwest Iowa, and we see many homes popping up each day!
- Yes, with Realtors who are not giving a good picture of the market
Editor’s note: These responses were given anonymously and, therefore, are not attributed to anyone specifically. Responses were also edited for grammar and clarity. Inman doesn’t endorse any specific method and regulations may vary from state to state.
What did we miss? Please share your thoughts in the comments section below.
