This is the time to buy your new home! If you are thinking about buying a home, you likely have a lot of factors on your mind. You’re weighing your own needs against higher mortgage rates, today’s home prices, and lots more. It’s hard to decide to jump into the market, but this is the time to buy your new home. While some buyers may wait things out, there’s a reason serious buyers are making moves right now, and that’s the growing number of homes for sale. Just remember, the best time to buy a home is when you want one or when you need one!
Inventory is Increasing
So far this year, housing inventory has been increasing and that’s making the prospect of finding your dream home easier. While there are always reasons you could delay making a big decision, there are also always reasons to consider moving forward. And having a lots of choices for your home search may be exactly what you needed to feel more confident about making a move. With so many more homes to choose from, buyers are able to take a breath and actually consider whether this is the home for them – and they can have a home inspection! and even ask for closing costs now in certain situations – just like the “old days” before COVID.
Why is Inventory Increasing?
As new data comes out, we’re getting an updated picture of why housing supply is increasing so much this year. As Bill McBride, Author of Calculated Risk, states:
“We are seeing 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.”
Basically, the inventory growth is primarily from homes staying on the market a bit longer (known as active listings). And that’s happening because higher mortgage rates and home prices have helped moderate the peak frenzy of buyer demand.
The graph below uses information from realtor.com to show how much active listings have risen over the past five months as a result (shown in green):
Increased Inventory Means This is the Time to Buy Your New Home!
This is the time to buy your new home because more housing supply actively for sale means you have more options as your search for your next home. A recent artlcle in Realtor.com explains just how significant the inventory growth has been and why it’s good news for your plans to buy:
“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 actively for sale on a typical day in July compared to the previous year and more choice for buyers who are still looking for a new home.”
The growth this year is certainly good news for you, especially if you’ve had trouble finding a home that meets your needs. If you start your search today, those additional options should make it less difficult to find a home than it would have been over the past two years. As homes sit on the market for longer than a nano second, it is possible to negotiate with sellers and get a good deal, rather than having to offer $10,000 or $50,000 over the list price!
If you’re ready to jump into the market and take advantage of the increasing supply of homes for sale, let’s connect today. You can call me at 240-401-5577 or email me at lise@lisehowe.com, This is the Time to Buy Your New Home! Will you say yes to the Address?
