I'm sure you've heard the talk about interest rates and the low housing supply and perhaps a result, you’ve kept yourself out of the homebuyer game so far this year. Or maybe you’ve tried to purchase a home and been overwhelmed by the real estate obstacles. You’re not alone in that.
A Bright MLS study found some of the top reasons buyers paused their search in late 2023 and early 2024 were:
They couldn’t find a home in their price range
They didn’t have any successful offers or had difficulty competing against other offers
They couldn’t find the right home
Here are three things you need to know if any of these reasons are why you stopped or never started looking, and why right now might be your chance to jump back into the real estate market!
1. The Supply of Homes for Sale is Growing
Right now, the biggest change in the housing market is that there continues to be an increase of homes for sale. From February to May, there was a steady increase in inventory. This increase means you have a better chance of finding a home that suits your needs and preferences. If you’ve been putting off your search because you felt like there weren't enough homes to see, this may bring you some peace of mind.
2. Less Buyer Competition
Mortgage rates are still hovering between 6-7%, so buyer demand isn’t as fierce as it was during 2020 to early 2022. When you combine that with more homes available to purchase, you have a better chance of avoiding an intense bidding war.
Keeping Current Matters says, “This creates a unique opportunity for you to find a home you want to buy with less stress and at a potentially better price.”
3. Home Prices are Moderating
Home Prices are showing signs of moderation – which is a welcome shift after the rapid appreciation seen in recent days. This moderation is mostly attributed to supply and demand. Supply is growing, providing more options and demand is easing, so prices aren’t rising as fast.
This doesn’t mean that home prices are falling, but it does mean that they are not growing at the rate they once were.
The Opportunity in Front of You!
If you are a ready and able buyer, you may find that the second half of 2024 will be easier to navigate and your chance to jump back into the market. While there will always be some challenges, many of the biggest hurdles you’ve faced are getting better as time wears on. Currently interest rates are on a downward trend and if that continues now could be a great opportunity for those that have held off.
Making a move now helps you gain advantage in the current market conditions and get ahead of other buyers.
Connect with us and let’s talk more about your goals and the opportunities you have in today’s market. Put our years of experience to work for you today!
