There’s a lot of talk lately about how challenging it can be to find a home to buy. While housing inventory is still low, there are a few important things to understand about the supply of homes for sale as we move towards the end of the year.
The Number of Homes for Sale Usually Peaks in the Fall
In the residential real estate market, trends generally follow a predictable and seasonal pattern. Typically, the number of homes available for sale, or active monthly listings, peaks in the fall.
A look at the active monthly listings for 2021 shows that the number of homes on the market increased fairly steadily since spring. Realtor.com data shows an increase in active inventory month-over-month.
While data shows that the month-to-month gain lessened as the year progressed, the important takeaway is the latest monthly numbers continue to show growth. Buyers
had more options to pick from in recent months than they did in the spring.
That’s encouraging for buyers who may have paused their search months ago because they had trouble finding a home. Danielle Hale, Chief Economist at realtor.com, recently commented that buyers were presented with more options during the early fall than they had all year, and that’s not what happened in 2020. It’s still important to remember that while more homes were available for buyers, the market remained more competitive than it typically is at this time of the year.
Hale explained that a peak in fall inventory is in line with typical seasonal trends. While it’s impossible to say for certain what the future holds for housing inventory, data indicated that both buyers and sellers had opportunities during recent months.
What Does That Mean for You?
This isn’t the time to slow your search. Focus on your options with renewed energy and be prepared for ongoing competition from other buyers.
If you’re considering selling your house, realize that while inventory has been increasing, it is still low. Selling now means you’ll be in a great position to negotiate with buyers – and competition among buyers is good news for your bottom line.
Whether you’re buying or selling, there are opportunities to make your goals a reality at any time of the year. Let’s connect so we can discuss what’s going on with the
local market and current trends and what they mean for you.
Source: keepingcurrentmatters.com