Shifting Towards a Balanced Market: What It Means for Brevard County Real Estate

If you've been following the housing market lately, you’ve seen sellers holding the cards. But as inventory starts to grow, are we finally seeing the market balance out? Let’s dive into what’s happening and what it could mean for you.

What Is a Balanced Market?

In real estate, a balanced market is where there’s a five-to-seven-month supply of homes available for sale. Neither buyers or sellers have a clear advantage, leading to stabilized prices and a healthier selection of homes. After years of sellers having all the power, this kind of market would be a breath of fresh air, especially for those looking to buy. But are we really heading in that direction?

At the start of the year, the national housing supply was at three months. Now, it's nudged up to four months. While that may not seem like a significant jump, it’s a sign that the market is slowly inching toward balance. However, it’s crucial to understand that this doesn’t indicate an oversupply that could cause a crash—far from it. Even with recent inventory growth, there’s still not enough supply to flood the market.

To give you a better idea of where inventory has been and where it is now, take a look at the data from the National Association of Realtors (NAR):

Right now, it’s still a seller’s market, just not as intense as it has been over the past few years. Mark Fleming, Chief Economist at First American, puts it this way:

“The faster housing supply increases, the more affordability improves, and the strength of a seller’s market wanes.”

What Does This Mean for You?

Here’s how these market conditions might impact your next move. Lawrence Yun, Chief Economist at NAR, says:

“Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.”

This is what the latest data from NAR and Realtor.com reveals:

Homes Are Staying on the Market Longer: With more homes available, they’re not flying off the market as quickly. If you’re buying, this gives you more time to find the perfect home. If you’re selling, pricing your home right is critical—overpricing could mean buyers pass you by for better deals.

Sellers Are Getting Fewer Offers: As a seller, be prepared to negotiate more on price or terms to close the deal. Buyers, on the other hand, might find themselves facing less fierce competition, giving them more options to consider.

Fewer Buyers Are Waiving Inspections: Buyers now have more negotiating power, which means fewer of them are skipping inspections. Sellers should be ready to negotiate and address repair requests to keep deals on track.

How a Real Estate Agent Can Guide You

This national snapshot is just that—a snapshot. Market conditions can vary significantly from one area to another. That’s why it’s essential to work with a local real estate agent who can provide insights specific to Brevard County Real Estate. Whether you’re buying or selling, having a professional who understands these shifts can give you a significant advantage.

Bottom Line

The real estate market is constantly evolving, and staying informed is key. Whether you're a buyer or a seller, understanding the shift toward a more balanced market can help you make the right moves. If you have any questions or need expert advice tailored to Brevard County Real Estate, don’t hesitate to reach out.

FAQs

What is a balanced housing market?
A balanced market is typically one where there’s a five-to-seven-month supply of homes, meaning neither buyers nor sellers have a distinct advantage.

Is the market currently balanced?
No, the market is still favoring sellers, but the increase in housing inventory is slowly shifting toward a more balanced state.

How does a balanced market affect home prices?
In a balanced market, home prices tend to stabilize, reducing the rapid price increases often seen in a seller’s market.

Why are fewer buyers waiving inspections now?
With more homes on the market, buyers have more leverage and are less likely to skip inspections to secure a deal.