Challenge or Opportunity?
If you attempted to purchase a home during the pandemic, you are aware of the significant difficulty presented by the scarcity of available properties. As buyers competed with one another to make the best offer, it sparked fierce bidding wars that increased home prices.
However, what was once your biggest obstacle might now be your best chance. According to current data, buyer demand is moderating as a result of rising mortgage rates. Here are a few explanations for why this change in the housing market is favorable for your plans to purchase a home.
The small number of homes available during the pandemic was due to a variety of factors, including a history of underbuilding new homes since the 2008 market crash.
However, this year's graph also reveals a trend that is returning upward. This is due to the fact that a moderating demand is slowing the rate of home sales, which is one of the factors that has allowed the housing supply to finally increase. Finding your next home shouldn't be as challenging as it has been lately because you'll have more options to choose from.
Additionally, having more options might result in less heated bidding wars. This trend has already started, according to data from the National Association of Realtors' (NAR) Realtors Confidence Index.
Breathe a sigh of relief if you've previously been outbid or have had trouble finding a home that suits your needs. You now have more options and less competition, which is the key lesson to learn from this.
Just keep in mind that despite easing, data indicates that multiple-offer scenarios are still occurring; they are merely less frequent than they were over the previous year. To help you navigate the process and make your best offer first, you should still rely on an agent.
It might be time to resume your home search today if you're still looking to relocate. To begin the home-buying process, team up with a real estate expert.
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