Why You May Want To Start Your Home Search Today

If you're considering purchasing a property, you probably have a lot of considerations. To choose whether you want to enter the market, you are comparing your own demands against rising mortgage rates, current housing prices, and other factors. Although some purchasers might choose to wait it out, there is a good reason that serious buyers are acting now, and that reason is the rising inventory of available houses.

So far this year, housing inventory has been increasing and that’s making the prospect of finding your dream home less difficult. While there are always reasons you could delay making a big decision, there are also always reasons to consider moving forward. And having a growing number of options for your home search may be exactly what you needed to feel more confident in making a move.

What’s Causing Housing Inventory To Grow?

As new data comes out, we’re getting an updated picture of why housing supply is increasing so much this year. As Bill McBride, Author of Calculated Risk, explains:

“We are seeing a significant change in inventory, but no pickup in new listings. Most of the increase in inventory so far has been due to softer demand – likely because of higher mortgage rates.”

Basically, the increase in inventory is due to homes staying on the market for a little longer (known as active listings). And the reason why is that rising home prices and mortgage rates have assisted in taming the peak buyer demand frenzy.

The graph below uses data from realtor.com to show how much active listings have risen over the past five months as a result (shown in green):

Why This Growth Is Good News for You

Regardless of the source, the increase in available housing supply is good for buyers. More housing supply actively for sale means you have more options as your search for your next home. A recent article from realtor.com explains just how significant the inventory growth has been and why it’s good news for your plans to buy:

“Nationally, the inventory of homes actively for sale on a typical day in July increased by 30.7% over the past year, the largest increase in inventory in the data history and higher than last month’s growth rate of 18.7% which was itself record-breaking. This amounted to 176,000 more homes actively for sale on a typical day in July compared to the previous year and more choice for buyers who are still looking for a new home.”

You should be pleased with the growth this year, especially if you've had problems locating a residence that matches your needs. With more possibilities available now than it would have been two years ago, finding a home should be simpler if you start your search.

Bottom Line

If you’re ready to jump into the market and take advantage of the increasing supply of homes for sale, let’s connect today. The opportunity is knocking, will you answer?