For many years, home buyers have been struggling to find available homes for sale. Luckily some relief is coming. The number of new listings has jumped the most since 2013. On Realtor.com, the number of new listings in September rose 8% year over year. This is marked as the biggest jump since the end of the financial crisis in 2013. Buyers finally have a bit more selection to choose from.
According to Chief Economist of realtor.com, Danielle Hale, “there are still more buyers in the market than homes for sale. But in some parts of the country, the competition is among sellers to attract buyers.” This is a huge change from last year. Buying a home was extremely difficult with the amount of bidding wars and inflated offers.
A reason for this change could be that sellers are fearing the end of the market peak is near. They are eager to sell their homes before the average asking price begins to fall. At the same time, home buyers are now wary of the price and will not immediately buy a home just because it is available. Buyers now have the opportunity to be a little picky.
Hopefully, this increase in inventory will slow down price growth as well, but many professionals feel that prices are not likely to fall too quickly. Although there are more houses available than before, there are still not enough. The demand is still higher than the supply.
The coming months could be a great time to be a buyer. As a seller, you must be aware that you may not be able to sell at maximum asking price. We are happy to assist you in getting a good deal as a buyer or making sure your listed property is at the top of people’s wishlists.
