March 22nd, 2019
It now officially spring, and it looks like we are officially moving into a buyer’s housing market. According to RE/MAX’s most recent National Housing Report, home sales are down while housing inventory is on the rise. Last month, home sales were down 4.2% from this time last year while inventory increased 5.8%, which is the 5th consecutive monthly rise. RE/MAX CEO Adam Contos said it best: "Trends of five months or more often indicate significant shifts, and the year-over-year trends in declining sales and rising inventory have both reached that length now. It's interesting to see the slowing sales and growing inventories that benefit buyers and at the same time the record prices that benefit sellers. The big picture supports an ongoing return to more balanced conditions."
As we’ve said several times in recent weeks, the market is shifting in buyers’ favor and now is the time to capitalize on the trend. If you haven’t yet, today would be a GREAT day to mine your database and reconnect with all your purchase leads in the last year who decided to hold off on buying. Now might be their opportunity.