You can have less competition as bidding wars less

One of the major issues in recent real estate headlines was the intensity and regularity of bidding battles. During the pandemic, extremely competitive bidding wars were the norm because there were so many buyers trying to buy a property and so few of them were available for sale. This caused home prices to rise. You have probably seen this directly if you attempted to purchase a property over the past two years, and you might have encountered multiple residences where your offer was outbid.

What This Means for You

You can exhale a welcome sigh of relief if you put off your home search because you were outbid last year or because you didn't want to deal with the peak intensity of bidding wars. Even though it's still a sellers' market, an increase in inventory gives you a chance to get back in. It's possible that some purchasers may still be in competition with you, but it won't be anything like it was a few short months ago.

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