Want To Buy a Home? Now May Be the Time | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert
Want To Buy a Home? Now May Be the Time | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert
There areĀ more homes for saleĀ today than at any time last year. So, if you tried toĀ buy a homeĀ last year and were outbid or out priced, now may be your opportunity. The number of homes for sale in the U.S. has been growing over the past four months as risingĀ mortgage ratesĀ help slow the frenzy theĀ housing marketĀ saw during the pandemic.
Lawrence Yun, Chief Economist at theĀ National Association of RealtorsĀ (NAR),Ā explainsĀ why the shifting market creates a window of opportunity for you:
āThis is an opportunity for people with a secure job to jump into the market, when other people are a little hesitant because of a possible recession. . . Theyāll have fewer buyers to compete with.ā
Two Reasons There Are More Homes for Sale
The first reason the market is seeing more homes available for sale is the number of sales happening each month has decreased. This slowdown has been caused by rising mortgage rates and risingĀ home prices, leading many to postpone or put off buying. The graph below uses data fromĀ realtor.comĀ to show howĀ active real estate listingsĀ have risen over the past four months as a result.
The second reason the market is seeingĀ more homes availableĀ for sale is because the number of people selling their homes is also rising. The graph below outlinesĀ new monthly listingsĀ coming onto the market compared to last year. As the graph shows, for the past three months, more people have put their homes on the market than the previous year.
Bottom Line
The number of homes for sale across the country is growing, and that means more options for those thinking about buying a home. This is the opportunity many have been waiting for who were outbid or out priced last year.
Call Christophe Choo at (310) 777-6342 to tour your future home "HERE"Ā
or click "HERE" to estimate your home value