Time to Reconsider Buying: The Market is Shifting

July 18th, 2022

If you’ve been thinking about selling your home but aren’t sure where you would go, now may be an excellent time to reconsider. That’s because the real estate market is shifting, and the number of homes for sale is rising. 

The increase in supply means that buyers now have more options to choose from. 

Whether you’re looking for a spacious home with a yard or a smaller place that’s easy to maintain, you’re likely to find more homes that meet your needs. 

More Selection of Homes for Buyers

Of course, this doesn’t mean that finding the perfect home will be easy. But if you’re willing to put in the time and effort, you’ll be rewarded with a broader selection of homes to choose from. So if you’re ready to start your search, don’t wait any longer. The market is waiting for you.

According to the National Association of Realtors (NAR), the supply of existing homes has steadily increased since the beginning of the year. 

The graphs below indicates inventory levels are rising, largely due to more homes coming onto the market and the pace of sales slowing. 

This is good news for buyers, who will have more choices when searching for a home. However, it’s worth noting that prices are still rising, so buyers must be prepared to compete for properties. 

Dilemma: Buy an Existing Home or New Home

One of the most important factors to consider when purchasing a home is buying an existing home or building a new one. 

Buying an Existing Home

Both options have pros and cons, but many buyers find several benefits to buying an existing home. 

One of the most significant advantages is that you can often find an existing home in an established neighborhood with mature landscaping. This can give you additional privacy and boost your curb appeal. 

Another benefit of purchasing an existing home is that it typically costs less than building a new one. 

And, because the house already exists, you won’t have to wait for it to be built – you can move in right away! 

Finally, many buyers simply prefer the character and history of older houses which can be hard to reproduce. So, if you’re considering purchasing a home, weigh all your options carefully before making a decision.

Buying a New Home

According to the latest census data, there is an increasing number of new homes for sale. 

This includes homes that are under construction, soon to be completed, and fully built. 

The supply of new homes for sale has also grown this year, as the graph below highlights. This is good news for potential homebuyers, as it indicates more homes to choose from. However, it is essential to note that the increased supply may also lead to lower prices. 

If you’re considering buying a new home, now may be a good time to start your search.

The Bottom Line

The number of homes for sale has been rising in recent months, giving buyers more options. Whether you are looking for your first home, a larger home for your growing family, or a retirement home, there are plenty of properties to choose from. And with interest rates remaining low, now is a great time to buy. 

If you have questions about the home-buying process or would like help finding the right home for you, connect with us today. We can answer your questions and help you find the perfect home for your needs.