Rapid Normalization of the Market 

Inventory is has been steadily increasing for the last three months and is now back to pre-pandemic levels.  This is still have a limited inventory at roughly 60% of normal. The market seems to be shifting towards some negotiating power for buyers faster than the data can show us. For absorptions rates, stats for the entire MLS, and some of the Wasatch Front counties, inventory is now at/above 2 months. 

The headlines these days are all about mortgage rates. Especially last week. 30 year mortgages are now at 5.78% (Freddie Mac). 

I view the normalization of the market as a good thing. It expands the possibilities for a lot of folks. The market slowing is similar to the analogy of driving 150 MPH on the freeway and suddenly slamming on your brakes to slow to 90 MPH. You are still speeding but it seems slow after going that fast for that long. This is a return to normal after years of market exuberance where a home could sell in multiple offers simply because it was posted on the MLS. We have entered a phase of the market where many homes will take weeks or months to sell and finesse and skill is required. 

If you are having thoughts of moving, it might benefit you to have a casual conversation about what is possible in this market. Pro tip, selling and buying at the same time without moving twice IS POSSIBLE in the current market. Schedule a strategy session HERE