The Bohnker Group
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If you’re thinking about buying a home today, you are likely balancing your goals, financing options, interest rates, and home prices. Oh, and your super busy holiday social schedule!
The biggest factor you need to look at if you are thinking about getting into the market to purchase a home? There are more homes for sales today than last year at this time.
Here’s a look at where the increased housing supply is coming from so you can get a better sense of what’s happening in the market today and what it means for you.
What Caused the Growth in Housing Inventory This Year?
The increase we’ve seen in housing supply this year isn’t from the source you think it is. Rather than an influx of recent homeowners listing their houses for sale (known as new listings), the primary reason the supply has grown is because homes are staying on the market a bit longer (known as active listings).
Higher mortgage rates and home prices have slowed buyer demand, causing the pace of home sales to slow down too. With the paces of sales slowing, it's caused the supply of inventory to increase.
What This Means for Your Home Search
The increase in available homes is good thing for buyers. More homes available for sale means you have more options to choose from, and you will likely have more time to review and consider them.
If you tried to buy a home last year and lost out in a bidding war, this might just be your time to find your dream home. Remember, the housing supply situation is still low overall (-40% vs. same time in 2019), so it won't be easy but you'll have more options and likely more time to consider your options.
Kick off the new year in a great position, contact us today to help get all your ducks in line so you have the best chance to buy your dream home.