...in favor of buyers. I've been talking and writing about the shift that is going on since June. The latest stats for Sacramento Real Estate just came out and you guessed it, the shift is starting to show up in the numbers.
- The inventory of available homes for sale has gone up the last two months and we are now at 1.3 months of inventory. That's still an extremely low amount but it's 54% higher than the beginning of this year
- The amount of cash buyers/investors is definitely decreasing at a very quick rate. Check out this postand graph below from Ryan Lundquist's blog: http://sacramentoappraisalblog.com/
Inventory has increased over the past several months and there has been less investors playing the market. Despite an uptick in sales in Q2 of 2013, for example, investors played a lesser percentage role in overall sales. For reference, there were 3831 sales in Sacramento County in Q1 2013 and 4748 sales in Q2 of 2013.
What does this all mean???
- Seller's: Need to realize the crazy sellers market has gone away. Sellers still have the upper hand due to low inventory but they need to really price the home Right from day one or they may be sitting on the market for a while.
- Buyers: Things are getting better for you. There's a little less competition and a little more homes to choose from. Don't get wrong, there's still going to be multiple offers on homes that are priced right and show well BUT you are in a better position now than at the beginning of the year. Inventory should be slowly going up as we head into the winter