If you've been trying to buy a home in Copperas Cove, you probably noticed that there just aren't many homes in your price range! This is what is known as a seller's market. A shortage of inventory means there are more buyers for fewer properties.
This is why sellers won't take a lowball offer! They know there is a lot of competition for each home that is on the market. A good offer is just around the corner and they will wait for it.
You might ask "well when will it be a Buyer's Market"? Only the market can answer that! It's all about supply and demand.
A balanced real estate market has about 6.5 months of inventory. This means, if no more houses were listed after this date, it will take about 6.5 months for all those houses to sell.
If there are more than 6.5 months of inventory, you are in a Buyer's Market. There will be lots of inventory. Sellers will be open to offers and will do more to entice a buyer to buy their home instead of one of the many other homes on the market.
Statistics from the Fort Hood Area Association of Realtors reveal that the first Quarter of 2019 shows an average inventory of 1.4 months in Copperas Cove. This means if no other houses were listed in Copperas Cove, they would all be sold within 1.4 months. We are deep into a seller's market. That's a long way from 6.5 months which is considered to be a balanced market.
If the demand for homes slows, the number of months of inventory will increase as sellers put their homes up for sale. The lower demand will leave those homes on the market for more months.
Here are some more statistics from the first quarter real estate market in Copperas Cove: