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, home prices, and more 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 finding your dream home less difficult. Having a growing number of options for your home search may be exactly what you needed to feel more confident in making a move.
As new data comes out, we’re getting an updated picture of why housing supply is increasing so much this year.
Basically, the inventory growth is primarily from homes staying on the market a bit longer. And that’s happening because higher mortgage rates and home prices have helped moderate the peak frenzy of buyer demand.
The increase in available housing supply is good for buyers. More housing supply for sale means you have more options as your search for your next home. 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.
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Realtor® | Real Estate Negotiation Specialist
North Star Team at Compass