Market Updates with Will - Week of September 14

If you think you know what this market's going to do next, I'd be careful. Let's get into it with another Weekly Market Update with Will for the week of September 14th!

Remember, we've been tracking absorption rate, which is how many homes do we have on the market versus how many homes sold over the last 30 days. This number gives us how many months of inventory there is in the Omaha market. Total inventory is sitting at three months, an increase from last week's 2.77 months. Three months of inventory is right on that line of becoming a balanced, or neutral, market. However, what we're seeing is a big gap. Existing inventory (homes that have already been built and established) is at 2.11 months, which is still a very heavy seller's market. New construction on the other hand? 10.3 months of inventory, which is very, very, buyer heavy. this means you have options with your buyers to negotiate in that space.

The other big thing we're tracking is rates. We have seen rates go from 6.7% to over 7.1% over the last few weeks. That's causing pendings (an offer on a house has been accepted and it is now under contract, but the final sale has not officially closed yet) to slow down dramatically. Now, this doesn't mean that homes aren't selling. That just means it takes a lot more activity in order to get to a close.

So, why does that matter? Buyers, you're going to see some opportunities that give you the option to negotiate just a little bit more in this market. Sellers, we've talked about this. We have to price aggressively in order to move quickly in this market. And agents, any time we see a market that's a little bit more tight, high activity is the only way to combat that and still find success.

That's all from me for now! To view this blog in our video format, check it out on our Instagram and Facebook pages. Until next week!