Things are looking up for homebuyers, and here’s why.
The real estate market hasn’t been too kind to buyers recently, but I’m happy to share some great news for those of you who’ve been struggling to buy a home. Things are slowly but surely starting to shift, and here’s why:
1. Inventory has increased: Though it’s a slight increase, there are definitely more opportunities available in the market. For example, areas that had only one or two homes on the market are now having 10 or more listings at once. Though numbers are still low, it’s a good sign of a shifting market.
2. Showings are declining: Just a few months ago, we were easily getting 60 or more showings within a few days on each new listing. Now, those numbers are closer to around 20 to 25. This means there’s less competition for each property.
3. Offers are dropping: A few months ago, a single home could see dozens of offers. Now, we’re seeing around four to five offers on each home. These offers are still very strong, but there’s much less competition.
All in all, these changes mean that buyers won’t need to be so fiercely competitive in order to secure a home. The competition is still tough, but fewer competitors mean that you’ll have a better chance of being the winner. Things have definitely gotten better for buyers, and I believe it’ll stay this way for a while. If you dropped out of the market and have been thinking about jumping back in, now might be the perfect time to do so.
If you have any questions or would like more information about buying or selling in our market, feel free to reach out to me. I look forward to hearing from you soon.