What do buyers need to know about the Inventory of Homes Available for Sale?

 

If you're considering buying a property, you're probably balancing your requirements against the market's conditions—including mortgage rates, home prices, schedule, and other factors—to decide whether you want to buy.

If this is you, you should be aware of a crucial fact that could affect your decision: there are currently more properties for sale than last year. For the week ending November 18, there were 47.7% more properties for sale than at the same time in 2021, according to Calculated Risk. Additionally, having more options can be precisely what you need to feel confident continuing your search for a home.

What are the specific features that you want in your home?

Although it's a good idea to leave some room for flexibility on this list, you deserve to have the biggest purchase of your life satisfy your needs and wants as precisely as possible. It is simple to carry out daily tasks in an apartment with good access to most major roads and other important structures.

Your wish list should cover everything from fundamental criteria like size and neighbourhood to more specific items like bathroom design and a kitchen with sturdy appliances.

 By perusing real estate websites, you can get a feel of the prices and availability of homes with essential features. You can cut costs and save time with these.

What does it mean to you when you are searching for a home?

Whatever the cause, purchasers will get an advantage from the increase in housing options. More houses are up for sale, giving you more options and more time to consider them while you search for your future home.

If you tried to buy a house last year but couldn't find anything suitable or lost out in a bidding fight, this might be the good news you've been hoping for. These extra alternatives should make locating a home you love more straightforward if you start looking today, especially when some other buyers put their searches on hold during the holiday season.

Keep in mind that the general housing supply is still limited, so that it won't be suddenly simple; it will just be less complicated than last year. A recent article on realtor.com stated that "active listings remain below their pre-pandemic levels, despite the rise in the number of homes listed for sale."

Thanks to the increase in housing supply, you'll be in a great position to start the new year in your perfect home. And who better to assist you in finding it than a reliable neighbourhood real estate expert?

What led to the growth of housing inventory this year?

The growth in home supply we've seen this year isn't approaching where you think it is. The primary reason the supply has increased is that residences are remaining on the market a little longer, as opposed to an inflow of recent homeowners listing their homes for sale (known as new listings).

This is true since the peak buyer demand has been tempered by rising mortgage rates and housing prices, resulting in slower sales growth.

Questions to Ask Both Buyers and Sellers

In times of little housing supply, sellers may be able to command top money for their properties. On the other side, a seller will have to purchase a new home unless they own a second one.

Fernandez said, "one who is vending high is also buying high."

Before putting their house on the market, sellers should conduct their research. Stay put if purchasing a new home is out of your price range. Taylor doesn't think house prices will decrease, which is good news for anyone concerned they lost their chance to sell for top money.

The price increase, he predicts, "will level out, but I think housing prices are really sound."

Before putting their house on the market, sellers should conduct their research. Stay put if purchasing a new home is out of your price range. Taylor doesn't think house prices will decrease, which is good news for anyone concerned they lost their chance to sell for top money.

Inventory Rebound can take years.

A wide range of issues is impacting the market. Thus it is unlikely that housing inventory levels will increase very soon. However, it is anticipated that things will become better for buyers.

According to Fernandez, the real estate market should slow down when interest rates rise. However, he points out that it may take four to six months before an increase in borrowing rates has a discernible impact on sales.

Although the demand for new houses has decreased due to rising borrowing rates, keeping listings on the market longer will only eventually resolve the more significant supply problems.

What Is a Home Warranty?

 

Introduction

You just bought your first home. Congratulations! As you're unpacking and getting settled in, you notice a few things that need to be fixed. You're not sure what to do—should you call a contractor? What's the best way to take care of these repairs?

One option you may have heard of is a home warranty. So, what is a home warranty? And more importantly, is it the right option for you? In this article, we'll walk you through the basics of home warranties so you can make the best decision for your new home.

What Is a Home Warranty?

A home warranty is a contract between you and your insurance company that covers the repair or replacement of most major appliances and systems in your home. It can also cover certain features of your home, like the roof or plumbing.

Most home warranties last for one year, and they usually start when the system or appliance is first put into use. You can renew your warranty at the end of the year, or cancel it if you no longer want it.

A home warranty is not the same as homeowner's insurance. Homeowner's insurance protects your home from things like fire, theft and natural disasters. It does not cover repairs to your appliances or systems.

Benefits and Downsides to Having a Home Warranty

For one, it gives you peace of mind. Knowing that if something goes wrong with your home—from the roof to the appliances—you're covered can be really reassuring. It can also be helpful in emergency situations, like when you need to make a quick repair and don't have the money to pay for it up front.

There are also some downsides to home warranties. For one, they can be expensive, and the monthly fees can add up over time. Warranties also don't cover everything, so it's important to read the fine print and understand what is and isn't covered. And finally, if you do need to make a claim, the process can be long and frustrating.

What Services Are Included in a Home Warranty?

A home warranty is a contract between you and your insurance company that states they will cover the cost of repairs or replacement of any covered item in your home, up to the amount of the deductible.

Covered items typically include the structure of your home, the plumbing, electrical wiring, and HVAC system. Some policies may also include items such as appliances, flooring, and cabinetry. It's important to check with your insurance company to see what is and isn't covered in your policy.

Factors to Consider When Selecting a Home Warranty Provider

When selecting a home warranty provider, there are a few key points you should consider. First and foremost, you want to make sure that the provider has good customer service and is willing to take the time to answer any questions you may have.

Next, it’s important to look into the coverage options. Does the plan cover all household appliances? Are there additional fees or costs associated with certain services? What areas are covered in the plan? All these questions will help you determine how comprehensive the coverage is.

Finally, check out the reputation of the home warranty provider. Read consumer reviews and look for any complaints filed against them. A good home warranty provider should have a proven track record of providing quality service and resolving customer issues quickly and efficiently. .

Conclusion

A home warranty is a contract between you and your insurance company that will protect you financially in the event that something unexpected happens to your home. Typically, a home warranty will cover damage caused by an accident, like a fire or a burst water pipe, as well as mechanical failures, like a furnace that quits working in the middle of winter.

Keep in mind that there are usually exclusions to what a home warranty will cover, so it's important to read your policy carefully. If you're not sure what's covered, be sure to ask your insurance company before you buy a home warranty policy.