Things to Consider When Buying a Home

There’s no arguing this past year has been challenging for homebuyers. But the market is in a transition right now. And that gives today’s homeowners three key opportunities.

Homebuyer Opportunities Today

1. The Supply of Homes for Sale Is Growing

One of the most significant shifts in the market this year is how the supply of homes for sale has increased. As data from Realtor.com shows, inventory is up more than 36% year over year. This means you have a better chance of finding a home that suits your needs and preferences. But that doesn’t mean we’ve got a sudden surplus. We’re still almost 29% lower than the inventory levels we had in normal, pre-pandemic years (see graph below):

Source: Realtor.com
Inventory

2. There’s More New Home Construction

And if you still don’t see an existing home you like, another big opportunity lies in the rise of new home construction. According to data from the Census and NAR, one in three homes on the market is a newly built home. But don’t worry, that’s not because of overbuilding – builders are just catching up after years of underbuilding.

And since builders have been focusing on smaller, more affordable homes, you can really open up your pool of options if you add new builds to your search.