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.
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