The real estate market is shifting. Here’s why buyers should take advantage of those changes and get into the market right now.
The inventory of homes for sale is growing. Conditions vary from market to market, but nationally the months’ supply of homes for sale has grown. We aren’t back to historic norms, but there are more homes to choose from now, so buyers have a much better chance of finding the home that meets their needs and fulfills their dreams.
There are more new homes on the market. Because the inventory of pre-owned homes has been tight, builders have been working hard to grow the supply of new homes. The NAR and the U.S. Census Bureau report that one in three homes on the market are newly built. Understanding what’s needed in today’s market, many builders have also turned their attention to smaller, more affordable homes.
Less competition from other buyers. Most buyers with school age children are no longer in the market, and demand overall is just not as strong as it was. With more inventory available, that means buyers should be able to avoid bidding wars.
Home price gains are moderating. Prices are still edging up, but not as fast. Supply is growing and demand is easing, but prices aren’t falling, they’re just rising at a more normal rate.
Buyers who keep waiting could face more competition. Forecasts call for more buyers to enter the market. As inventories continue to increase, buyers are expected to flood into the market next spring.
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