Bakersfield Market Update: The Shift Every Seller Needs to Know!

The Bakersfield real estate market is experiencing a significant shift, and if you're a homeowner considering selling, this is the update you need to know. For the past few years, sellers in Bakersfield have enjoyed the perks of a Seller's market, where competition for homes was fierce, and multiple offers were the norm. However, the tides are turning, and we’ve now entered what is known as a balanced market.

What Does a Balanced Market Mean?

Let’s start with a quick refresher: real estate markets are often categorized based on how much housing inventory (or homes for sale) is available. Here's a breakdown of what those categories mean:

• Seller’s market: When there are fewer than 3 months of inventory, meaning homes are selling quickly, and sellers often have the upper hand.
• Balanced market: When inventory levels sit between 3 to 6 months, creating a more even playing field between buyers and sellers.
• Buyer’s market: When there are more than 6 months of inventory, giving buyers more options and the negotiating power.

As of today, Bakersfield has 3.3 months of inventory, meaning we’ve officially transitioned from a Seller's market to a balanced market. This shift brings about important changes for sellers who are serious about putting their homes on the market.

How the Shift Impacts Sellers

So, what does this mean for you as a seller in Bakersfield? Here are the key things you need to know:

1. Sellers No Longer Hold All the Power

   In the Seller’s market of the past few years, homes in Bakersfield often sold quickly and above asking price, with minimal negotiation. Buyers were competing for a limited supply of homes, which meant sellers had the upper hand. However, with more homes on the market, buyers now have more options, and the playing field is more level. As a result, sellers need to adjust their expectations and be ready to work with buyers who may be more selective.

2. Pricing Strategy is Key

   In a balanced market, pricing your home effectively becomes crucial. No longer can you price your home aggressively high and expect a flurry of offers. Instead, pricing too high could lead to your home sitting on the market longer than expected, which can give the impression that there’s something wrong with the property. The best strategy in this environment is to price your home competitively from the start, based on current market data and comparable sales in your neighborhood.

3. Be Prepared for Negotiation

   With the market shifting, sellers need to be open to negotiations. Buyers now have more leverage, which means you may encounter offers below your asking price, or requests for seller concessions, such as covering closing costs or making repairs after the home inspection. While this might feel frustrating compared to the fast-paced selling environment of recent years, it’s still entirely possible to sell your home for a great price—you just need to be more flexible and strategic.

4. The Importance of Curb Appeal and Home Preparation

   In a balanced market, you’ll also want to make sure your home stands out from the competition. Investing time and effort into curb appeal, minor upgrades, and home staging can make a significant difference in how quickly and for how much your home sells. Buyers in a balanced market are more discerning, and ensuring your home is presented in its best possible light can help attract serious offers.

You Can Still Get Top Dollar

While the shift from a Seller’s market may feel like a disadvantage to some sellers, the truth is you can still get top dollar for your home in Bakersfield’s balanced market—it just requires a different approach. With a skilled real estate agent who understands market trends, negotiation tactics, and effective pricing strategies, you can navigate this shift successfully.

A balanced market offers the opportunity for sellers to attract serious buyers who aren’t just competing for the lowest-priced home but are genuinely looking for a well-maintained property in the right neighborhood. This means your home can still shine in the market and sell for a competitive price.

Why You Need an Experienced Agent Now More Than Ever

Navigating a balanced market requires more than just listing your home for sale—it takes strategy, market knowledge, and negotiation skills. That’s why it’s more important than ever to work with a real estate agent who has experience in all types of markets. An experienced agent can help you set the right price, create a compelling marketing plan, and negotiate on your behalf to ensure you’re getting the best possible deal, even in this shifting environment.

If you’re thinking of selling your home in Bakersfield, let’s talk about how this shift in the market affects your property and how we can position you for success. The McCarty Group is here to guide you every step of the way with expert advice and personalized strategies. Reach out today for a free market analysis and selling plan tailored to your needs. Call us at (661) 665-SOLD, and let’s make your next move a winning one!

Disclaimer: The statistics regarding months of inventory were sourced from the Bakersfield Golden Empire MLS and are accurate as of the date of this post. Market conditions are subject to change.