Market of the Moment - 4/28/2023

We've seen a small bump in inventory, though we are still much lower than we were in the winter.

Buyer sentiment has improved, more showings are taking place. Some mentions of multiple offers happening again.

Sellers are still hesitant even though our median home price sold has been increasing the last 3 months. We seemed to have reached our bottom in December 2022. Many are still finding it difficult to reconcile "what we could have gotten last year" to what the market currently values.

Have you ever noticed that you never win when you play that game? There's a strange psychological game we play with ourselves called "mental accounting". We pretend that what we could have today is better or worse compared to some point in the past, even though we weren't selling in the past so it wasn't actually real money.

Even as we approach 3 months of inventory, we are still in a sellers market. That doesn't mean sellers get anything they want, it means that sellers can expect a lot of interest in their home IF they use an agent that lists it properly. The "Make Me Move" Zillow price game is over.

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