More homes in the market, home buyers get more choices!!
Finally there is good news for the home buyers, they can expect more home inventory and this more choices in Fall 2021.
In the residential real estate market, trends generally follow a predictable and seasonal pattern. Typically, the number of homes available for sale (or active monthly listings) peaks in the fall.
If we look at the active monthly listings for 2021, we’ll see that the number of homes on the market has increased fairly steadily since spring this year. New data from realtor.com shows that the number of homes available for sale inched up 5.7% in August. That follows 8.8% and 10.4% inventory gains, respectively, in June and July. Since bottoming out this spring, inventory is up 30%. The realtor.com data shows we’re still seeing an increase in active inventory month-over-month. While that gain is a bit smaller month-to-month, September numbers are still up from the month prior. The buyers faced challenges like bidding wars, multiple offer situations, and not much of choices, finally they get a relief and much deserved.
So why do we have more inventory now? the reasons are that buyers pushed back and put a pause on buying homes, they didn't have many choices, more homes are being put in the market because of relaxation in Pandemic, and also seasonally more homes are put in the market at this time, in summers and Fall.
But don't mistake this for housing market crash! Demand from buyers still far outmatches supply. the 640,700 homes for sale in August on realtor.com is 38% lower than in March 2020.
“There’s been a recent uptick in inventory, but overall supply is still deeply depressed compared to pre-pandemic levels,” Wolf says. “Some existing homeowners, especially those that refinanced, are choosing to hold their home either as their primary residence or as a rental given their reasonable monthly mortgage payment.”
The important takeaway here is that the latest numbers show growth! If you put a pause on your home search, now is the time to go back and start your home search. The market is still competitive, interest rates are still low, and with more choices, you are bound to find something that you would like as your new home!
If you are a home seller but paused the process, its time to put your home back in the market before all those homes hit the market in Spring 2022, and get a upper hand, and be in a great position to negotiate with the buyers.
For more details goto https://fortune.com/2021/09/07/home-buyers-housing-market-inventory/
Looking to buy or sell a home call me at 540-729-3470
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