The real estate market is experiencing a significant shift, offering more opportunities for buyers than we've seen in years. With inventory levels climbing and home price growth slowing, this could be your chance to find a home that fits your needs and budget. Let’s dive into two key reasons why now is an exciting buying time.
1. More Homes Are on the Market
Homebuyers are benefiting from a rise in inventory. According to Realtor.com, the number of homes actively for sale has surged:
"There were 29.2% more homes actively for sale on a typical day in October compared with the same time in 2023, marking the twelfth consecutive month of annual inventory growth and the highest count since December 2019."
While inventory hasn’t fully returned to pre-pandemic levels, this increase gives buyers significantly more options than in recent years. As Hannah Jones, Senior Economic Research Analyst at Realtor.com, points out:
"Though still lower than pre-pandemic, burgeoning home supply means buyers have more options . . ."
This means buyers are less likely to feel rushed or pressured in a competitive market. With more homes available, you have a better chance of finding the perfect property without facing intense bidding wars.
2. Home Price Growth Is Slowing
The rise in inventory is also influencing home prices. When fewer homes were on the market, intense competition drove prices up. Now, as inventory increases, home price growth is decelerating.
In some areas, prices have even begun to level off or decline, particularly in markets where active inventory has surpassed pre-pandemic levels.
This slower price growth can make homes more affordable for buyers, especially in markets where price gains have stalled. According to Dr. Anju Vajja, Deputy Director at the Federal Housing Finance Agency (FHFA):
"For the third consecutive month U.S. house prices showed little movement . . . relatively flat house prices may improve housing affordability."
Why Local Expertise Matters
While these national trends are encouraging, it’s important to remember that inventory levels and price trends vary widely by market. Working with a real estate agent who understands your local area is crucial. They can provide insights into market conditions, guide you through the buying process, and help you find a home that meets your needs and budget.
Bottom Line
With more homes on the market and slowing price growth, buyers have a unique opportunity to explore a wider range of options and find a property that fits their lifestyle. If you’re ready to take advantage of this shift, reach out to Marks Realty Group today.
Source: Keepingcurrentmatters.com
