Welcome to June!

Did anyone see this headline last week?

The stat is accurate, the headline is click bait and panic inducing.  First of all, we've been discussing in this newsletter every week the growing inventory levels here locally.  We've been discussing how home prices have been declining a bit or stagnating.  We've also discussed homes on the market with heavy DOMs need to take the price reduction pill.  So, we have been seeing some version of this here in Sacramento.  This article is the U.S. market, which includes all of the states that have seen a complete flip from a sellers market to a strong buyers market (TX, FL, CO, ID, TN).  What the article fails to tell you is that these inventory levels are just getting back to NORMAL.  Of course there are sellers starting to take advantage of the high home prices, why wouldn't they?  What the article also isn't telling you is that a large percentage of those sellers will turn around and become buyers.  Most people don't sell their home without buying another...they would be homeless.
My point being that this is an attention grabbing headline that needs context.  Luckily, I think I provide quite a bit here on a weekly basis.  As of now, there is no expectation for a massive flood of homes for sale and a price crash.  It's just not there...we are just working back to normal...that's it.
As I'll continue to say, conditions are ripening for buyers with supply steadily growing and more options becoming available.
Have a great week!

What are you seeing or hearing? I'd love to know paul@guiderealestate.com
Visit www.paulpelettarealtor.com