There are more homes available now than we’ve seen in years, which could be a big opportunity if you’re ready to buy. Here are two reasons why.
You Have a Wider Selection to Choose From
A Realtor.com article highlights how significantly the number of homes for sale has increased this year:
“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.”
Although the number of homes on the market hasn’t fully returned to pre-pandemic levels, this is still a notable improvement (see the graph below):
With an increased number of homes on the market, you have a broader selection to choose from. As Hannah Jones, Senior Economic Research Analyst at Realtor.com, explains:
“Though still lower than pre-pandemic, burgeoning home supply means buyers have more options . . .”
This gives you a better chance of finding a home that fits your needs. It also means the buying process doesn’t have to feel as urgent, since more options typically lead to less competition from other buyers.
Home Price Increases Are Slowing Down
When housing inventory is low, buyers face increased competition for the limited homes available. This was the case a few years ago and contributed to the rapid rise in prices.
However, with more homes now available, the growth in home prices is beginning to slow down (see graph below):
In some markets, the supply of homes has not only returned to normal but has even exceeded pre-pandemic levels. In these areas, home price growth has either slowed or come to a halt. As 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.”
Slower or stalled price growth could increase your chances of finding a home within your budget. As Dr. Anju Vajja, Deputy Director at the Federal Housing Finance Agency (FHFA), states:
“For the third consecutive month, U.S. house prices showed little movement . . . relatively flat house prices may improve housing affordability.”
Keep in mind that inventory levels and home prices can vary depending on the market.
Having a real estate agent familiar with the local market can be a significant advantage. They can provide insights into local trends, helping you find a home that suits both your needs and budget.
In Conclusion
More housing options, along with slower price growth, can help you find a home that fits your lifestyle and budget. Reach out to a Benson & Mangold Agent if you’d like to discuss the increased choices available to you right now.
Source: Keeping Current Matters
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