The Changing Landscape of the Housing Market
One of the biggest hurdles buyers have faced over the past few years has been a lack of homes available for sale. However, that's starting to change. According to the latest data from realtor.com, there are more homes on the market in 2024 than there have been in any of the past several years from 2021 to 2023.
Is Finding a Home Easier Now?
The answer is yes and no. As an article from realtor.com suggests, there were nearly 15% more homes for sale in February than the same time the previous year. This increase in inventory could potentially have an impact on the housing market. However, it's important to consider the context. Despite the increase, the nation is still experiencing a housing shortage.
While there are more options available compared to previous years, the graph above also shows that there are still significantly fewer homes for sale than what would be considered normal in a pre-pandemic market. It's important to note that this deficit is not going to be reversed overnight.
What Does This Mean for Homebuyers?
For homebuyers, this means there might be a few more choices now compared to recent years. However, it's essential not to expect an overwhelming number of options. To navigate the growing list of choices, it's recommended to team up with a local real estate agent whom you trust.
Real estate is a local market, and an experienced agent can provide valuable insights into the inventory situation in the area where you want to buy. They can share smart tips they've used to help other buyers deal with low housing supply.
Why You Should Team Up with a Local Real Estate Agent
Teaming up with a local real estate agent can be beneficial for several reasons. Firstly, they have a deep understanding of the local market dynamics, including the current inventory situation. They can provide you with accurate and up-to-date information.
Secondly, an experienced agent can offer valuable advice and guidance throughout the home buying process. They can help you navigate the challenges posed by a competitive market and assist you in making informed decisions.
Lastly, a trusted real estate agent can share their knowledge of the area and recommend neighborhoods that align with your preferences and budget. They are familiar with the local amenities, schools, and other factors that can affect your quality of life.
Take Advantage of the Expertise
If you're thinking about buying a home, it's highly recommended to team up with a local real estate agent. By partnering with an agent, you'll stay informed about everything that could affect your move, including the current number of homes for sale.
Remember, the housing market is constantly evolving, and having a knowledgeable professional by your side can make a significant difference in your home buying journey. So, take advantage of the expertise and resources that a local real estate agent brings to the table.
Andres Morales, 🫡 US NAVY Veteran, Lic1343492, NMLS300240 Direct 949-306-9260.