Why You May Want To Start Your Home Search Today
If you’re 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 more to try to decide if you want to jump into the market. 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.
So far this year, housing inventory has been increasing and that’s 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 a growing number of options for your home search may be exactly what you needed to feel more confident in making a move.
Why Are Consumers Entering The Market?
Inventory and months of supply remain significantly lower compared to last year, with July inventory down 20.1% Y/Y and months of supply down 18.0%. New listings struggled to keep pace, leaving overall inventory low and the current months of supply tight. As CREB® Chief Economist Ann-Marie Lurie explains:
“This doesn’t come as a surprise as consumers were eager to get into the market ahead of rate gains while they still had low pre-approval rates."
With market conditions easing and a higher cost of borrowing, prices are expected to trend down in the second half of the year, offsetting some of the stronger than expected gains in the first half of the year. Despite the pullbacks, we anticipate that the annual benchmark price will remain higher than levels reported last year.”
However, it’s important to recognize the growth in inventory that we have seen this year. The months of supply has continued to trend up from the exceptionally tight conditions seen earlier in the year.
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.
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.
Bottom Line
If you’re ready to jump into the market and take advantage of the increasing supply of homes for sale, let’s connect today. The opportunity is knocking, will you answer?