The real estate market is shifting, and if you're ready to buy, now is a great time to take advantage of these changes. Here's what you need to know:
More Homes Means More Choices for You
There are currently more homes available than we’ve seen in years, and this is a huge benefit for buyers. According to Realtor.com:
“There were 29.2% more homes actively for sale on a typical day in October compared with the same time in 2023, marking the twelfth consecutive month of annual inventory growth and the highest count since December 2019.”
While the market still isn't back to pre-pandemic levels, this increase in inventory gives you more options to choose from. Hannah Jones, Senior Economic Research Analyst at Realtor.com, adds:
“Though still lower than pre-pandemic, burgeoning home supply means buyers have more options . . .”
This increased supply means less competition and more time to make a decision, which can make the buying process feel much more manageable.
Slower Price Growth Equals More Affordable Options
In years past, low inventory meant fierce competition, which drove home prices up quickly. But now that there are more homes on the market, price growth is slowing down, which is great news for buyers. Lance Lambert, Co-Founder of ResiClub, explains:
“Generally speaking, housing markets where active inventory has returned to pre-pandemic 2019 levels have seen home price growth soften or even decline outright from their 2022 peak.”
This slowing price growth could give you the opportunity to find a home within your budget. As Dr. Anju Vajja, Deputy Director at the Federal Housing Finance Agency (FHFA), points out:
“For the third consecutive month U.S. house prices showed little movement . . . relatively flat house prices may improve housing affordability.”
Remember, prices and inventory levels vary by market, so it's important to have a knowledgeable real estate agent by your side. A local expert can help you understand trends in your area, giving you a significant advantage in finding a home that fits both your needs and budget.
Ready to Buy? Let’s Talk!
If you're ready to explore the options available to you and make the most of the current market conditions, give me, Teresa Hill, a call today. I can guide you through the process and help you find the perfect home. Don’t miss out on this opportunity—let’s make your homeownership dreams a reality!
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