Here are a few reasons why you may want to start your home search right now
You probably have many factors on your mind when you're considering buying a home. When deciding if you want to enter the real estate market, you weigh your needs against higher mortgage rates, current home prices, and many other factors. It is true that some buyers may wait things out, but there is a reason serious buyers are making moves right now, which is the growing number of available homes.
A big decision can be delayed for various reasons, as well as moved forward for a variety of reasons. There has been an increase in housing inventory this year, making finding your dream home easier. You may feel more confident in making a move if you have a greater variety of home search options.
Housing Inventory: What's Driving It?
With new data coming out, we're getting a better picture of why the housing supply is increasing. As Bill McBride, Author of Calculated Risk, explains:
“We see a significant change in inventory, but no pickup in new listings. Most of the increase in inventory so far has been due to softer demand – likely because of higher mortgage rates.”
Inventory growth is primarily due to homes remaining on the market for longer (active listings). This is because higher mortgage rates and home prices have moderated buyer demand during the peak frenzy.
Using data from realtor.com, the graph attached shows how active listings have increased over the past five months as a result:
There's Good News for You in This Growth
It does not matter where the increase in housing supply comes from; buyers will benefit from it. Your search for your next home is more likely to be successful if there are more houses for sale. According to a recent article on realtor.com, inventory growth has been significant, and this is good news for buyers:
“Nationally, the inventory of homes actively for sale on a typical day in July increased by 30.7% over the past year, the largest increase in inventory in the data history and higher than last month’s growth rate of 18.7%, which was itself record-breaking. This amounted to 176,000 more homes for sale on a typical day in July compared to the previous year and more choice for buyers still looking for a new home.”
You'll certainly benefit from the growth this year, especially if you've had trouble finding a home that meets your needs. It should be easier to find a home today than it was two years ago if you start your search today.
Here's the bottom line
Don't miss out on the rising supply of homes for sale. Let's talk now if you're ready to jump in. There is an opportunity knocking on the door. Are you going to answer? Schedule a Buyers Consultation Below