The housing market is experiencing a notable shift, with a significant increase in sellers compared to buyers. In May, there were 34% more sellers than buyers nationwide, marking the highest rate since data collection began in 2013, according to real estate company Redfin.

Stacy Esser, a realtor and founder of the Stacy Esser Group in Tenafly, New Jersey, describes the current market as still favoring sellers, but she anticipates a gradual shift toward homebuyers. "Maybe a house was taking one week to sell, and now we're kind of hovering at three weeks," Esser said. This change is expected to be influenced by an increase in available homes.

Despite the rise in inventory, home prices continue to climb. In June, the median sale price for a home in the U.S. reached a record high of $396,000, according to Redfin. Esser noted that homes that are updated and move-in ready are seeing the largest price increases. Additionally, entry-level homes are also experiencing significant demand, depending on the local market.

Location plays a crucial role in the housing market dynamics. Areas such as Austin, Texas; Phoenix, Arizona; and many parts of Florida are currently more favorable for buyers due to increased inventory. Conversely, markets like Newark, New Jersey; Long Island, New York; and suburban Philadelphia are still leaning toward sellers due to limited options.

Sirvan Aisvik, who owns a salon in Tenafly, has been searching for her first home for over two years. "Last week, I just...offered on one house, and then they couldn't accept my offer because they said that 19 people offered [on] that house," Aisvik shared. The competitive nature of the market has left her feeling frustrated.

Experts suggest strategies for potential homebuyers to improve their chances. One recommendation is to consider making offers on homes that have been on the market for a while, as sellers may be more open to negotiation. Esser advises buyers to look for "the ugliest house in the best neighborhood" to find hidden potential.

Aisvik expressed her desire for a home for her two daughters, describing it as the American dream. However, the ongoing rejections have been disheartening. "It is, like, not just for me, my whole family, they get disappointed," she said. Her daughter, 19, echoed the sentiment, noting her mother's excitement and determination in the search for a home. "She's, like, 'We're going to put in this offer, and hopefully we'll have the highest one, so we get it.' It's hard seeing her in that state, because I see how hard she's trying."