There’s no denying the housing market has delivered a fair share of challenges to homebuyers over the past two years. Two of the biggest hurdles were the limited number of homes for sale and the intensity and frequency of bidding wars. But those two things have reached a turning point.
The Number of Homes for Sale Is Growing According to data from the National Association of Realtors (NAR), the supply of homes for sale has increased consistently this year (see graph below). For you, that means you’ll have more options to choose from, so it shouldn’t be as difficult to find your next home as it has been previously.
The Intensity of Bidding Wars Is Easing The good news is having more options may also lead to less intense bidding wars. Data from the Confidence Index from NAR shows this trend has already begun. Their report shows bidding wars are easing month-over-month (see graph below):
If you’ve been outbid before or struggled to find a home that meets your needs, breathe a welcome sigh of relief. The big takeaway here is you have more options and less competition today. George Ratiu, Manager of Economic Research at realtor.com, confirms this is positive for buyers:
“. . . more available properties and less competition, . . . point toward a welcome change for buyers who are still in the market. The upcoming fall season may offer an even better window of opportunity, as long as the inventory landscape continues improving, as we’ve seen in recent months."
Bottom Line With more options to choose from and less intense bidding wars, you could have a unique opportunity in front of you. Let’s connect today to discuss your options in our local market.