Due to the recent market shift, buyers can breathe a sigh of relief.
Is the shifting market a challenge or an opportunity for home buyers? If you tried to buy a home during the pandemic, the limited supply of homes for sale was a considerable challenge. It created intense bidding wars, which drove up home prices as buyers competed with one another to win the offer. However, what was once your greatest challenge may now be your greatest opportunity. Data shows that buyer demand is moderating in the wake of higher mortgage rates.
Here are a few reasons why this shift in the housing market is good for you.
There were many reasons for the limited number of homes on the market during the pandemic, including a history of under-building since the market crashed in 2008. The housing supply is well below the average level the market has seen for most of the past ten years. However, inventory is trending back up this year because moderating demand is slowing the pace of home sales. That means you'll have more options to choose from, so it won't be as difficult to find your next home. Having more options may also lead to less intense bidding wars.
"There are more options and less competition today."
Data from the Realtors Confidence Index from the National Association of Realtors shows that this trend began three months ago. If you've been outbid or you've struggled to find a home that meets your needs, breathe a welcome sigh of relief. The big takeaway here is that there are more options and less competition today.
You should still lean on an agent to guide you through the process and help you make the strongest offer. If you're still looking to make a move, it’s time to pick your home search back up today. Let's connect and kick off the home-buying process. Contact me by phone or email. I look forward to helping you.
