Seventy percent of purchasers stopped looking for a house last year; perhaps you were among them. Making sense is what it does. Prices were high, inventory was low, and mortgage rates rode like a rollercoaster. All of that made finding a house you loved and within budget quite difficult.
Guess what, though? The sector is changing.
It may thus be appropriate to hit play once you stopped your relocation preparations in 2024. Here's the rationale.
More inventory opens up more possibilities.
Even if you could make the arithmetic work, the dearth of suitable properties in recent years most likely made it difficult to find something. But inventory is growing, hence your choices now have more possibilities.
Realtor.com reports that since this time last year, inventory had surged 27.5%.
You therefore have more options than you did a year ago if you were reluctant to list your house because you weren't sure where you would go should it sell. That's rather a win.
Homes are staying on the market longer as well.
When there is a limited quantity of properties for sale, they are swiftly grabbed there just not enough of them to go around. And a few years ago, that meant your house could sell over night. Although that's not necessarily a negative thing, a slower pace is not the end of the world if you are planning a relocation and also need to find your future house. Actually, it's much needed relief.
Now that inventory has expanded, homes are remaining on the market longer, so you are not under as much rush throughout the process.
The average time homes spend on the market increased by almost 8% this year, compared to past years; this is more than we have seen before 2020, but still a faster rate than before the market surged. And it's around one week longer than last year. Talk about a moving sweet spot. Though it seems like only a few days, it allows you more time and freedom to consider your choices carefully. As Senior Economic Research Analyst at Realtor.com Hannah Jones observes:
"Many sellers are more flexible and the market speed is a bit more manageable as there are more homes for sale than in the past few years. Longer days on market help to reflect this. Even in the hectic spring and summer, buyers may find a little more give in the market, which would allow more time to make a decision despite still-high house prices.
And if you're thinking, but wait, does it follow that selling my house will prove more difficult? Not worry. Well-priced properties are selling, particularly as more buyers enter the game this season; inventory is still about 23% below the pre-pandemic norm.
Main Point
Growing inventory allows sellers who wish to downsize, relocate, or upgrade more options. Furthermore, if you put your house hunt on hold, it could be a perfect opportunity to review it given less pressure to make an offer right now.
Ready to move? Move in state, out of state, or cross town? Let's sell and buy a home with the Hersey Group.
