Are There More Homes Coming to the Market?
One of the main obstacles purchasers have in today's housing market, according to a recent survey by the National Association of Realtors (NAR), is finding a property that fulfills their criteria. This is due to the current low inventory of available properties for sale.
You may have seen this if you're looking to buy a house. However, there is some good news. Additional sellers are advertising their homes this season, according to recent data, giving you more possibilities in your home hunt.
Early Signs of Inventory Increase
According to the most recent statistics from realtor.com, the number of new listings (also known as "new listings" in the business) has climbed since the beginning of the year (see graph below):
This shows that each month this year, more sellers are offering their properties for sale. This growth is anticipated to continue, according to realtor.com. The majority of potential sellers want to offer their houses in the next six months, according to their data. According to Realtor.com:
“. . . markets may see a noticeable bump in the number of homes for sale as we move through spring and into summer. A majority of homeowners planning to sell this year indicated that they aim to list in the next six months, with almost 10% having already placed their properties on the market.”
Homes continue to sell quickly.
While the number of new postings is increasing, it's equally crucial to note that they're selling swiftly. Since the beginning of the year, the NAR's Realtors Confidence Index has shown the median days on market for recently sold properties (see chart below). Month over month, the time on market has decreased. This suggests that homes are selling even faster than they were the month before.
What Does This Mean for You?
While navigating a low-inventory market as a buyer can be difficult, there is hope. If you've been having trouble finding a property that meets your criteria, the increasing number of new listings and the likelihood that more sellers will market their properties in the coming months is wonderful news. Keep in mind that fresh postings sell quickly. That means you should keep your foot on the accelerator and be ready to act if you come across a property you like this season.
Your realtor can keep you up to date on the latest listings in your region so you can find the perfect house and make the best offer possible as soon as feasible.
Keep looking if you're having trouble locating the home of your dreams. More possibilities are becoming available, and one of them could be your ideal house. Let's connect so you can remain up to date on the latest listings in our market and be ready to act quickly when the right one comes along.