An Important Chance for Homebuyers

 

There is no denying that over the past two years, the housing market has presented homebuyers with a fair share of difficulties. Due to the pandemic, there were fewer homes available for purchase, and bidding wars occurred more frequently and intensely, which posed two of the biggest challenges for prospective buyers. But those two things are at a crossroads.

 

As you may have already heard, there are more houses for sale this year than last, especially during the spring. This is uplifting information. There is a higher likelihood that you will find a home that meets all of your criteria if more homes are put on the market.

 

Inventory grows even more with less buyer competition. First American's chief economist, Mark Fleming, claims that buyer demand has somewhat moderated as a result of higher mortgage rates and other economic factors, as well as an increase in the number of listings coming onto the market.

 

In essence, the market is moving away from the buyer competition frenzy experienced during the pandemic, which is causing the amount of available inventory to increase. Realtor.com also cites the moderation of demand as a significant factor in their most recent forecast and anticipates that inventory growth will continue.

 

What it means for you is that you'll have more options to choose from as you look for your next home because more homes are coming onto the market and home sales are moving more slowly. If you've been looking for a while with little to no success, that's fantastic news. Just keep in mind that there are simply more homes available now than there were even a few months ago, not an unexpected surplus of inventory. So, when you locate the ideal residence for you, you'll still need to make a decision quickly.

 

Additionally, you might experience less competition from other buyers when you do. This moderation could ease the home-buying process if you've been putting off entering the market because the fierceness of the bidding wars intimidated you or if you've been outbid on several properties. It's not that it will be simple or that there won't be a bidding war; those things aren't true. But it won't seem as challenging.

 

As a result, you could be presented with a rare opportunity as the housing market starts to recover to its pre-pandemic levels. Your home search may be a little less difficult now that buyer competition is waning and more homes are on the market. 

To start the process right away, Vanna Siackhasone at (907) 720-4663.