If you're in the market for a home, now might be a great time to buy. With more homes available and price growth slowing, you have a unique opportunity to find a property that fits your needs and budget. Here’s why:
More Options to Choose From
There’s been a significant increase in homes for sale this year. According to Realtor.com, there were 29.2% more homes on the market in October compared to the same time in 2023. While inventory levels still haven’t fully returned to pre-pandemic numbers, this marks the highest count since December 2019.
This means you have more homes to choose from, giving you a better chance of finding the perfect fit. Plus, with less competition from other buyers, you won’t feel as rushed in your search.
Slower Price Growth
In the past, limited inventory led to fierce competition and rapidly rising prices. But now, with more homes on the market, home price growth is slowing. In some areas, prices have even plateaued or declined, especially where inventory levels have returned to pre-pandemic levels.
This slowdown could help you find a home within your budget. As Dr. Anju Vajja from the Federal Housing Finance Agency (FHFA) noted, relatively flat prices can improve housing affordability.
What This Means for You
More homes and slower price growth give you more room to find a home that suits your needs without overpaying. However, market conditions can vary by location, so it’s important to work with a local real estate agent who understands the trends in your area.
The increase in housing options and slower price growth could make it easier for you to find a home within your budget. Reach out to a local agent to explore your options and take advantage of these market changes.
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