When you hear a real estate talk about "Inventory", they are usually referring to actual homes that are listed for sale in the area. The balance between inventory and buyers in the market looking to buy homes drives whether the market is a "Sellers Market" or a "Buyers Market". At the moment, in the Atlanta area, we are in a seller's market. This means that there are too few homes for sale for the number of buyers looking to buy.
What does this mean for sellers? It means that you may see multiple offers on your home quickly after your home is listed. Many homes in the area that are receiving multiple offers are also selling for above list price. Sellers are not having to offer incentives such as closing costs or as many repairs as in the past as well.
How about buyers? Buyers are having to react quickly when they see a home they like. We have a saying in the industry,"If you have to sleep on it, you will never sleep in it". Buyers are having to make strong offers on homes they like to even be considered. Expect to compete for the home of your dreams with several other interested buyers.
Will it always be this way? No. Historically, the housing industry bounces from sellers to buyers markets. If you have been shut out as a buyer, don't give up. It will be a buyers market again sometime.
In order to decide your best course of action during these times, as a buyer or a seller, contact a professional real estate agent to help.