Are there more sellers than buyers in the market now?

Yes, there are currently more sellers than buyers in the market. This shift in the balance of supply and demand has been attributed to various factors, including: 1. **Increased Inventory**: The market has seen a rise in inventory, with new listings volume each week now higher than at any time last year. This increased supply of homes for sale has contributed to the surplus of sellers over buyers. 2. **Price Adjustments**: Sellers are having to adjust their asking prices due to the competitive market, with 30% of the inventory on the market experiencing price drops. This indicates that sellers are willing to lower their prices to attract buyers, which is a sign of a buyer's market. 3. **Affordability Concerns**: The high home prices and mortgage rates have eroded affordability, but this is less of a concern for buyers who are benefiting from the wealth effect from their investments. This suggests that while the market may be challenging for sellers, it presents opportunities for buyers who can leverage their financial resources. 4. **Regional Variations**: The national market may favor sellers due to inventory levels remaining below pre-pandemic levels, but local areas could favor buyers. This regional disparity means that sellers in some markets may face more competition than others. The current imbalance of sellers over buyers is a significant shift from the seller's market that characterized the previous years, where high demand and limited inventory gave sellers a strong negotiating position. Now, buyers are exerting more influence and are likely to drive market dynamics in the coming months.