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The housing market is continuing to shift as inventory levels rise and buyers gain more options. If your home search was put on pause these past few years, you’re not alone. Luckily for you, there are options. Today’s current market might be the perfect time for you to resume looking. Let us explain why.
Currently we are seeing an increase in homes for buyers to choose from. In addition to the increase in inventory many buyers are noticing that prices have begun to level off in many areas. Pair increased inventory and leveling prices with mortgage rates that have begun to ease, and today’s market is currently the one many have been waiting for.
Continue reading for the breakdown.
Increased Inventory
With more homes coming onto the market and months of inventory increasing, we’re moving away from the highly competitive seller’s market we’ve experienced over the past several years. Buyers now have more choices, additional time to make decisions, greater negotiating power, and less competition with other buyers. Allowing buyers a more enjoyable purchasing experience and the ability to truly find their perfect home. While well-priced homes are still selling, the increase in available inventory is creating a more balanced market. A balanced market offers opportunities for both buyers and sellers.
Therefore, if you are selling, now more than ever it is of the utmost importance to have a trusted, professional realtor on your side. Your realtor can help position your property appropriately, be more strategic with pricing, and increase your homes presentation to stand out to get your home seen by potential buyers. Need a trusted realtor? Connect with us.
The Big Picture
The United States is experiencing more homes on the market compared to the same time last year. We know what you’re thinking. “Not every market is the same, and how does it compare to pre-covid numbers?”
In the South and the West inventory has fully recovered and in some places even surpassed pre-pandemic levels. However, supply remains tighter in much of the Northeast and Midwest where inventory is still below the historical normal. It is important to always discuss with your Realtor what the market looks like in your market.
More Choices Everywhere
Even with not every area fully recovered it is still a win for everyone. When you look at the bigger picture, inventory is up in every region. That means more choices everywhere, even though some areas have more homes for sale than others. With fewer buyers in the market and more homes for sale, sellers are willing to negotiate to get a deal done.
What’s happening in your area might look different than the national or regional trend. It’s important to work with a local Realtor that can help you understand your market and positioning. If you previously paused your home search this could be the time to take another look.
Maybe you’re still not ready. Connecting with your trusted Realtor now can help you prepare your budget, narrow your search, and make sure you fill prepped when the right home does show up on the market.
