December 14th, 2018
Inventory is on the rise, and that’s good news for your borrowers! On one side, you have home sales declining due to affordability issues; on the flip side, inventory is growing at its fastest pace in 3 years, increasing 5% in November. According to Redfin Chief Economist Daryl Fairweather, "The tide has turned. Sellers are now competing for buyers, but they haven't all realized it yet. Sellers who have adjusted their price expectations downward are still finding plenty of willing buyers. Sellers holding out for high prices are contributing to declining home sales and growing inventories. We see few signs that buyers are likely to reward their patience."