According to arecent surveyfrom theNational Association of Realtors(NAR), one of the top challenges buyers face in todayshousing marketis finding a home that meets their needs. Thats largely because theinventoryof homes for sale is so low today.
If youre looking tobuy a home, you may have noticed this yourself. But there is good news. Recent data shows more sellers are listing their houses this season, which may give you more options for yourhome search.
Early Signs Inventory May Be Growing
Thelatest datafromrealtor.comshows the number of listings coming onto the market, known in the industry as new listings, has increased since the start of the year (see graph below):
This indicates more sellers are listing their homes for sale each month this year. And according torealtor.com, this growth is expected to continue. Theirresearchfindsthe majority of potential sellers plan to list their homes over the next six months.Realtor.comsays:
. . .markets may see a noticeable bump in the number of homes for sale as we move through spring and into summer. A majority of homeowners planning to sell this year indicated that they aim to list in the next six months, with almost 10% having already placed their properties on the market.
Homes Are Still Selling Quickly
But while new listings are increasing, its important to know theyre also selling quickly. The latestRealtors Confidence Indexfrom NAR shows the median days on market for recently sold homes since thebeginning of the year(see chart below). The time on market has decreased month-over-month.That means homes are selling even faster than they did the previous month.
What That Means for You
While a low-inventory market is difficult to navigate as abuyer, there is hope. The growing number of new listings and the expectation more sellers will list their homes in the coming months is great news if youve had a hard time finding a home thatfits your needs. Just remember, those new listings are going fast.That means youll want to keep your foot on the gas andbe readyto act if you find a home you love this season.
Your Seven Gables agent can help you stay on top of the latest listings in your area so you can find the home thats right for you and submit yourstrongest offeras quickly as possible.
Bottom Line
If youve been having a hard time finding your dream home, stick with your search. More options are coming to market and your ideal home could be one of them. Connect with a Seven Gables advisor so you can stay up to date on the latest listings in our market, so you can be ready to move fast when you find the one thats right for you.
