Stacy Esser, realtor and founder of the Stacy Esser Group in Tenafly, New Jersey, says it’s still a seller’s market, but believes a small shift that favors homebuyers is coming.
“Maybe a house was taking one week to sell, and now we’re kind of hovering at three weeks,” Esser told CBS News.
Part of the shift, Esser says, will be driven by more houses coming on the market. In May, there were 34% more sellers than buyers nationally, according to the real estate company Redfin. That is the highest rate since Redfin started gathering data in 2013.
But this is still considered a seller’s market because even though inventory is rising, so are prices, Esser says. That is partly driven by homeowners who locked in lower interest rates have little incentive to sell.
In June, the median U.S. sale price for a home hit a record high of $396,000, according to Redfin.
“Anything that’s updated and new and turnkey are seeing the biggest increases,” Esser said. “And anything that’s in that entry-level price point, whatever your entry-level price point is in your market, is also seeing the biggest increases.”
Location plays a major role. Austin, Texas; Phoenix, Arizona, and most markets in Florida are better for buyers because there’s more inventory, Redfin’s data found, while Newark, New Jersey; Long Island, New York, and suburban Philadelphia favor sellers because there’s less inventory.
Sirvan Aisvik and her husband own a salon in Tenafly and say they’ve been looking for their first home for more than two years.
“Last week, I just…offered on one house, and then they couldn’t accept my offer because they said that 19 people offered [on] that house,” Aisvik said. “When I heard, like, 19 people, I couldn’t believe it.”
To improve your chances of home ownership, put an offer on a home that’s been sitting on the market, experts say. The owner might be more willing to negotiate. Another tip is to look into programs for first-time homebuyers.
“Go look for the ugliest house in the best neighborhood,” Esser said. “Go buy that house and see beyond what other people can’t see.”
Aisvik said a house for their two girls would be the American dream, but the rejection is frustrating.
“It is, like, not just for me, my whole family, they get disappointed,” Aisvik said.
“I see her trying all the time, and it’s like, she’s so excited,” Aisvik’s 19-year-old daughter said of her mother. “She’s, like, ‘We’re going to put in this offer, and hopefully we’ll have the highest one, so we get it.’ It’s hard seeing her in that state, because I see how hard she’s trying.”
