In A Perfect WorldYou're sitting there. Bright-eyed and ready to buy a home. You and your partner are discussing the benefits of home ownership and are excited to go on a new journey of investment
Good News for Homebuyers! Housing Inventory Increase On The Rise
Dated: September 8 2021
Inventory on the Rise
The recent housing market has become a phenomena that has resulted in unprecedented sales prices in homes within the 2021 year. Many wonder when the steam will run out and when the market will return to any bit of normalcy. Recent data from Realtor.com suggests that homebuyers are in for a wonderful surprise for the end of the 2021 year!
Recent publishing with Realtor.com shows that housing inventory has increased roughly 30% from Spring of this year. This is fantastic news for the homebuyer as it frees up space and opportunity for bidding.
The Supply is There
The increase in inventory can be seen as a sort of pushback from homebuyers not satisfied with the exorbitant pricing and selling of homes in recent months. With more buyers becoming adament on not competing at higher prices, more homes begin to remain on the market for longer periods of time.
As more homes remain on the market for longer, even more homes are being added to the market on top. This addition creates an atmosphere conducive for homebuyers to have more skin in the game when competing and negotiating home prices. It should be noted, however, that this does not suggest a transition into a buyer's market. Simply put, it steers the market away from the extreme highs that have plagued homebuyers for the past year.
As noted in previous posts, homebuyers have been holding their checkbooks in response to the extreme prices. This has advertently created a narrowing of the gap between cash offers and homebuyers that require pre-approval in order to bid on homes.
Demand is Still There
It must be kept that the demand for homes is still ever present in the current housing market. Although there has been a 30% increase in inventory, the demand for homes remains almost flatline.
While it allows homebuyers to have more to look for when searching for their dreamhome, the current inventory may still present high valuations as the demand meets supply.
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