What comes to mind when you think of buying a home? No doubt, you have concerns. You have to see your own needs, mortgage rates, and much else before getting into the market. Some buyers prefer to wait, while other serious buyers may have already started planning to buy a home. This may be why the number of homes for sale is skyrocketing.
This year, housing inventory has grown, so it is easier for you to find a home. There could be reasons why you delay your home-buying search, but there is another side to the coin. There are also reasons why you should continue the process, and, right now, there are plenty of options to boost your confidence.
Why is the Housing Inventory Growing?
New data offer clues to what’s behind the 2022 increase in housing supply. The author of Calculated Risk, Bill McBride, says that there is a notable change in inventory but not much of an increase in new listings. The change in the inventory is a result of softer demand because of higher mortgage rates.
Generally, homes, or active listings, remain on the market for longer creating inventory growth. This is because of higher mortgage rates and home prices, which influence buyer demand. The graph below shows the increase in active listings over the past five months.
How is This Growth for You?
The rise in the housing supply is good for property buyers. More housing means more options for your next home. A recent study explained the importance of inventory growth and why now is a good time to buy a home.
You may be surprised to hear that the home inventory increased by 30.7% during July compared to last year, the largest percentage increase on record and higher than last month’s growth of 18.7%. Both of these increases represent record-breaking figures.
If you begin your new home search right now, you will find it a lot easier to find a home than it has been over the past two years, so start your hunt today and enjoy the increased options.
All set to make the most out of the increasing supply of homes? If so, get in touch with Levin Rinke right now, and let’s find the perfect home for you.