Good News for Homebuyers: The Housing Market is Finally Offering More Choices

If you’ve been thinking about buying a home recently, you might have felt a bit discouraged by the slim pickings out there. But here’s some good news: there are more homes available for sale than we’ve seen in quite a while.

Recent data from Realtor.com shows that the number of homes actively for sale has jumped by 36.6% compared to this time last year. That’s a pretty big deal.

It means that if you’re in the market to buy, you’ve got way more options to choose from than you would have had just a year ago. 

Lawrence Yun, the Chief Economist at the National Association of Realtors (NAR), put it well: “Increased housing supply spells good news for consumers who want to see more properties before making purchasing decisions.”

However, it’s important to remember that this doesn’t mean there’s a flood of homes on the market. We’re not suddenly in a situation where there are too many houses and not enough buyers. In fact, even with the recent boost, we’re still seeing about 29% fewer homes for sale than we would in a more “normal” market like we had before the pandemic.

That said, the improvements in inventory are more noticeable in certain areas. Real estate is super local, and what’s happening in one market might not be happening in another.

If you’re curious about what the housing supply looks like in your neighborhood, it’s a good idea to reach out to a local real estate agent and mortgage pro to learn about local homebuying programs. 

The Takeaway:

The housing market is showing some positive signs for buyers, with more homes for sale than we’ve seen in the past year. This means more options and a bit more negotiating power for those looking to make a move. If you’ve been waiting on the sidelines, now might be the right time to make your move.