Broker speaks on current housing market

The housing market is in shambles. Rent prices are up, property taxes are up and the only thing down is the amount of people buying homes.

WINK spoke with a broker who said it’s not a buyer or seller’s market.

He’s been telling sellers it’s a bargain hunters market. Inventory is higher than it’s been in years, homes are sitting on the market months longer and sellers who need to get out are slashing prices.

In his home on Good Life Street in Fort Myers, Bob Munich lives a pretty good life.

Neighbors call Bob the mayor of the community.

“I’m humble about that,” Munich said.

He was also humbled trying to buy the home two years ago.

It was a seller’s market. Homes flew off the shelves faster than the for sale sign could go in the ground.

Chad Osborne, the president and CEO of Call It Closed, said inventory is the highest it’s been in five or six years.

“We’ve been telling some of our sellers that it’s not really even a buyer’s market right now. It’s actually a bargain hunters market,” Osborne said.

Osborne said homes stay on the market for an average of four months. Because homes are on the market longer, there are deals to be had. We’re seeing sellers who need to sell slash prices aggressively, but not all.

“This area is different. Some of our sellers don’t have to sell. They’re not moving out of town or somewhere else where they need to sell the property, so they’re just letting it sit on the market at a little bit higher price,” Osborne said.

While the housing market has cooled off, Osborne doesn’t call it a bad time for sellers.

“Most people have a good bit of equity in their home, so if they need to sell, it’s still a good time to sell. If you don’t necessarily have to sell, you know, maybe hold on to it a little bit longer,” he said.

The Fed indicated a few months ago they were going to drop rates at least a couple of times this year. They have not done that yet.

That broker said inflation is still higher than they want it to be, so if they change their minds and don’t drop rates, he expects this slower market to last a little longer.