The return to normal and a more balanced market. 

The new normal is still a seller's market, but it is also a market with multiple months of inventory.  

Inventory rapidly increased from March to July. In the last two+ months the inventory expansion has slowed/flattened. Across the board for the Wasatch Front counties, inventory/supply ranges from two and a half to four months. In the current inventory we are seeing a lot of price reductions. In Salt Lake County, 16.4% of the current inventory reduced offering price in the last 7 days. We have all seen headlines that discuss price reductions. Seller adjusting their offering price strategy does not mean declining home values. I would argue that these sellers are dropping their price to where they should have been from when they first listed. 

The headlines these days are all about mortgage rates. 30 year mortgages are now at 6.02% (Freddie Mac). 

So what does this market shift actually mean? Market conditions still favor sellers but most homes do not sell right away with multiple offers. The primary change is that buyers have more available homes to choose from. In practice that means that buyers are able make offers subject to inspection and appraisal again. We are back in a more normal environment where two parties (buyer and sellers) have to negotiate with each other to find a mutually outcome. 

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