If you’re thinking about buying a home, you may be concerned about home prices, mortgage rates, whether prices will drop or continue to rise, and more. So, why start your home search today? Some buyers may wait, other buyers are seeing more homes for sale and have more choices.
Housing inventory has been increasing this year and that makes finding your dream home easier. While there are always reasons to delay buying a home, there are also always reasons to move 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.
How Does the Inventory of Homes Grow?
Bill McBride, Author of Calculated Risk, explains new data about why the housing supply is increasing this year. McBride stated, “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.”
The housing inventory growth is mainly from homes staying on the market a bit longer because higher mortgage rates and home prices have helped moderate buyer demand.
Housing Growth Is Good News for You
The housing supply increase is good for buyers. More homes for sale give you more options to find your next home. Realtor.com explains how significant the inventory growth has been and why it is good news for your buyers.
They stated, “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.”
If you start your home search today, those additional options should make it less difficult to find a home than it would have been over the past two years. Contact a real estate agent from Wenzel Select Properties today at (630) 430-4790. Our real estate office is in the heart of downtown Downers Grove. We are just minutes away from Interstates 88, 355, 55, 290, and 294. Wenzel Select Properties real estate brokers are available to meet with you 7 days a week – Monday through Sunday.