NABOR has roughly 1,000 more listings at the end of June than they did a year ago. Despite this increase, our inventory is still low compared to historical levels.
It is still a seller’s market, but we are seeing fewer multiple offers and bidding wars as the frenzy dies down. Over 90% of the price changes these days are price decreases. Also, there are still some buyers that are walking away from a fully executed sales contract for various reasons (financing, appraisal, buyer’s remorse, etc.).
If you lost out on an offer, putting in a backup offer might make sense.
– Mike Hughes, Downing-Frye Realty, Inc.