Last year, 70% of buyers abandoned their home search – and maybe you were one of them. It makes sense. Inventory was low, prices were high, and mortgage rates fluctuated unpredictably. All of that made it really hard to find a home you loved – and could afford.
But guess what? The market is shifting.
If you paused your moving plans in 2024, it might be time to hit play again. Here’s why.
More Inventory Means More Options
Even if you could make the numbers work, the lack of available homes in recent years probably made it difficult to find something that fit your needs. But inventory is rising, which means you have more choices now.
So, if you were hesitant to list your house because you weren’t sure where you’d go if it sold, you have more options now than a year ago. That’s a big win.
Homes Are Staying on the Market Longer
When the supply of homes for sale is low, they’re snatched up quickly because there just aren’t enough of them to go around. A few years ago, that meant your house could sell overnight. While that’s not always a bad thing, if you’re planning a move and also need to find your next home, a slower pace is welcome relief.
Now that inventory has grown, homes are staying on the market longer. In fact, the latest data shows the typical time homes spent on the market has increased by 8% this year. That’s higher than we’ve seen since 2020, but still a faster pace than before the market ramped up. It’s about a week longer than last year—giving you more time to make a thoughtful decision.
What About Selling My Home?
If you’re thinking, doesn’t this mean it will be harder to sell my house? Don’t worry. Even with rising inventory, supply is still 23% below pre-pandemic norms. That means well-priced homes are selling, especially as more buyers step back into the game this season.
Bottom Line
With growing inventory, sellers who want to upgrade, downsize, or relocate have more choices. Plus, with less pressure to rush into an offer, it could be a great time to revisit your home search if you put it on hold.
With more homes on the market and more time to make decisions, what else do you need to see in order to kickstart your home search again?
Ready to explore your options? Connect with The Audra O’Neal Team today to get started!
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