Thought the Market Passed You By? Think Again.

If you stepped back from your home search over the past few years, you’renot alone – and you’re definitely not out of options. In fact, now might be theideal time to take another look. With more homes to choose from, pricesleveling off in many areas, and mortgage rates easing, today’s market isoffering something you haven’t had in a while: options.Experts agree, buyers are in a better spot right now than they’ve been inquite a long time. Here’s what they have to say.Affordability Is Finally ImprovingLisa Sturtevant, Chief Economist at Bright MLS, says affordability is finallystarting to turn the corner:“Slower price growth coupled with a slight drop in mortgagerates will improve affordability and create a window for somebuyers to get into the market.”Mortgage rates have eased from their recent highs, price growth hasslowed, and that one-two combo is making homes more affordable thanthey’ve been in months.
There Are More Homes on The Market
And a big reason prices are easing is because there are more homes onthe market. According to the latest from Realtor.com, there are 17% morehomes for sale today than there were at this time last year. That meansmore options, less competition with other buyers, and a chance to find thespace that actually works for you.Lawrence Yun, Chief Economist at the National Association of Realtors(NAR), shares:“Homebuyers are in the best position in more than five years tofind the right home and negotiate for a better price. Currentinventory is at its highest since May 2020, during the COVIDlockdown.”

Take a look at the numbers.As Yun notes, inventory is up everywhere. Compared to this time last year,every region of the country has more homes on the market than at thistime last year (see graph below):

That translates to more homes to choose from, whether you’re looking for abigger backyard, a shorter commute, or finally ditching your rental.But not all markets are the same…When you compare current inventory growth to pre-pandemic norms(2017–2019), the picture changes a bit, depending on where you are (seegraph below):

The green bars show where inventory has fully recovered (and even grownabove pre-pandemic levels) in the South and the West. Supply, however, isstill tighter in the Northeast and Midwest, as shown in the red bars, whereinventory is still below normal.And here’s why that’s still a win everywhere.When you step back and look at the bigger picture, with inventory up inevery region, that means more choices everywhere, even if some areashave more homes for sale than others.And with fewer buyers in the market and more homes for sale, sellers arewilling to negotiate to get a deal done.All of that adds up to a win for today’s buyers.And it’s also why working with a local expert really makes a difference.What’s happening in your zip code or neighborhood might look differentthan the national or regional trend. But the overall takeaway is clear: withmore homes on the market, buyers have more leverage than they did ayear or more ago.So, if you stepped away from your search because things felt toocompetitive, too pricey, you were worried about finding a home, or it wasall just too much to process, this could be your moment to take anotherlook.And if you’re not quite ready to go all in, that’s okay too. You can start byplanning ahead. That means working with a trusted agent who can helpyou break down your budget, narrow your search, and make sure you'reprepped and ready when the right home hits the market.Bottom LineWant to know what’s happening in our area? Let’s have a conversation soyou can get a custom overview of what’s available right now and learn howto be ready when the timing is right for you.Because this isn’t 2021.This isn’t even 2023 or 2024.This is a new market – and you might be surprised by what you find.