If youre thinking aboutbuying a home, you likely have a lot of factors on your mind. Youre weighing your own needs against highermortgage rates, todays home prices, and more to try to decide if you want to jump into the market. While some buyers may wait things out, theres a reason serious buyers are making moves right now, and thats the growing number of homes for sale.
So far this year,housing inventoryhas been increasing and thats making the prospect of finding your dream home less difficult.While there are always reasons you could delay making a big decision, there are also always reasons to consider moving forward. And having agrowing number of optionsfor your home search may be exactly what you needed to feel more confident in making a move.
Whats Causing Housing Inventory To Grow?
As new data comes out, were getting an updated picture of why housing supply is increasing so much this year. As Bill McBride, Author ofCalculated Risk,explains:
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 thats happening because higher mortgage rates andhome priceshave helped moderate the peak frenzy of buyer demand.
The graph below usesdatafromrealtor.comto show how much active listings have risen over the past five
months as a result (shown in green):
Why This Growth Is Good News for You
Regardless of the source, the increase in available housing supply is good for buyers. More housing supply actively for sale means you have more options as your search for your next home. Arecent articlefromrealtor.comexplains just how significant the inventory growth has been and why its good news for your plans to buy:
Nationally, the inventory of homes actively for sale on a typical day in July increased by30.7% over the past year, the largest increase in inventory in the data history and higher than last months 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 youve 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.
Bottom Line
If youre ready to jump into the market and take advantage of the increasing supply of homes for sale, connect with a real estate professional today. The opportunity is knocking, will you answer?
I can answer any questions you may have, please call me, Marie McLaughlin 727-858-7569.
Source:https://www.keepingcurrentmatters.com/2022/08/25/why-you-may-want-to-start-your-home-search-today/
