For those buying a home, patience and a little persistence may pay off. Over the past few years, there have been several changes in the real estate market. One concern for many buyers has been the shortage of homes on the market. In fact, some buyers have had to make incredible offers driving up sale prices up just to get into the market. For others, it was impossible to make a decision fast enough to get the desired results.
This could be changing. The market is shifting again, and this may give home buyers more options when making a buying decision.
Inventory Increases when Buyer Competition Moderates
As more people enter the market to list their homes for sale, they create more competition with better options for home buyers. Thanks to rising interest rates and other compounding factors the number of buyers on the market may soon fall.
Slowing property sales will create more competition in the market, giving home buyers more options than they had just a few months ago. If property inventory remains steady or grows, and there are fewer sales, the buyers’ options grow.
How This Impacts You
If you are in the market, now is the time to pay close attention to what happens next. Buying a home now could mean that you do not have to pay steeply rising prices in a bidding war. It means you may have more time to compare homes and shop for a property that is the best fit for your individual needs. Though factors like inflation and mortgage rates will also affect you as a home buyer.
However, experts believe that inventory will grow by double digits in 2022. That means now is an opportunity for those buying a home to find exactly what they want and negotiate a better price than they would have paid if they had bought the same home on the 2021 market.
If you have been searching for a home for some time, there are likely to be fewer people competing for the same property in the current market. That means fewer bidding wars and better pricing.
Keep In Mind
The housing market has started to shift. As it does, it may be time for you to enter the market now rather than waiting. You may notice that homes remain on the market for a little longer. That’s not a bad sign. It may be an indication that the market is becoming more balanced, heading more to pre-pandemic levels.