According to a recent survey from the National Association
of Realtors (NAR), one of the top challenges buyers face in today’s housing
market is finding a home that meets their needs. That’s largely because the
inventory of homes for sale is so low today.
If you’re looking to buy 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 your home search.
Early Signs Inventory May Be Growing
The latest data from realtor.com shows 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 to realtor.com, this growth is expected to
continue. Their research finds the majority of potential sellers plan to list
their homes over the next six months. Realtor.com says:
“. . . 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
Homes Are Still Selling Quickly
But while new listings are increasing, it’s important to
know they’re also selling quickly. The latest Realtors Confidence Index from
NAR shows the median days on market for recently sold homes since the beginning
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
What That Means for You
While a low-inventory market is difficult to navigate as a
buyer, 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 you’ve
had a hard time finding a home that fits your needs. Just remember, those new
listings are going fast. That means you’ll want to keep your foot on the gas
and be ready to act if you find a home you love this season.
Your agent can help you stay on top of the latest listings
in your area so you can find the home that’s right for you and submit your
strongest offer as quickly as possible.
If you’ve 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. Let’s connect 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
that’s right for you.