If you’re thinking about buying a home, you’re likely trying to juggle your needs, current mortgage rates, home prices, your schedule, and more when considering your decision.
If this sounds like you, here’s one key factor that could help you with your decision:there are more homes for sale today than there were at this time last year. Having more options for your home search may be exactly what you need to feel confident about making a move.
What Caused the Increase in Housing Inventory This Year?
The primary reason the supply of available homes for sale has grown is because homes are staying on the market a bit longer. That’s happening because higher interest rates and home prices have helped moderate buyer demand, which has slowed down the rate at which homes are selling. And, as the pace of sales has slowed, inventory has grown as a result.
While overall inventory gains may slow down this winter due to typical housing market seasonality, you still have a chance to capitalize on the current supply. There is usually a good number of homes that go on the market right after the holidays as well – so this may be perfect timing for you!
What This Means to You
Regardless of the source, the increase in available housing supply is good for buyers. More homes available for sale means you have more options to choose from as you search for your next home, and you may also have more time to consider them.
So, if you tried to buy a home last year and lost out in a bidding war or just couldn’t find something you liked, this may be the news you’ve been waiting for. If you start your search today, those additional options should make it less difficult to find the right home for you!
Just remember, housing supply is still relatively low overall, so it won’t suddenly be easy – it will just be less challenging than it was at this time last year. The increase in housing supply helps put you in a great position to find your dream home in the New Year.
Bottom Line
If you’re ready to jump into the housing market and see what’s available, let’s connect. My office is open 7 days a week for your convenience, and my team is ready to go to work for you!
Laura Harbison, ABR, AHWD, BPOR, BS, CDPE, CRS, DRB, GRI, PSA, RSPS, SRES
Broker/Owner REALTY EXECUTIVES SOUTHERN NEVADA PROPERTIES
License Numbers B.0026537LLC PM.0164922.BKR