There’s no denying the last couple of years have been tough for anyone trying to buy a home because there haven’t been enough houses to go around. But things are starting to look up.

There are more homes up for grabs this year. The graph below uses the latest data from Realtor.com to show in April 2024 there were more homes for sale than there were over the last few years (2021-2023):

As Realtor.com explains:

“There were 30.4% more homes actively for sale on a typical day in April compared with the same time in 2023, marking the sixth consecutive month of annual inventory growth.”

But does this growing inventory make house hunting easier? Yes and no.

Using the latest weekly data from Calculated Risk, the graph below shows, that even with the growth lately, there are still way fewer homes for sale than there were in the last normal year in the housing market:

What Does This Mean for You?

If you’ve been looking to buy but put your plans on hold because you just couldn’t find what you were searching for, you might see more options now than you did over the past few years – but don’t expect a huge selection.

To check out your growing options, it’s a good idea to work with a local real estate agent you trust. Real estate is all about location. And an agent can help you get the scoop on the homes available in the area you’re interested in. Bankrate explains:

“In today’s homebuying market, it’s more important than ever to find a real estate agent who really knows your local area — down to your specific neighborhood — and can help you successfully navigate its unique quirks.”

Bottom Line

Team up with a local real estate agent who can keep you in the loop on everything that might impact your move, like how many homes are up for sale right now.

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If you’re looking to make a move, you want to be sure you have the latest information on the housing market. To help make that possible, here’s an update on the supply of homes for sale today. Whether you’re looking to buy or sell, the number of homes available in your local market matters to you. Take a look below.  

What’s the Truth About Today’s Housing Inventory?

While the story for the past few years has been how few homes are on the market, recent national data may leave you feeling a bit confused. That’s because Realtor.com shows inventory is actually growing a bit month-over-month in many parts of the country (see the blue states in the map below):

As the map shows, nationally, housing supply increased just over 5% last month.

Does That Mean the Days of Limited Inventory Are Over?

That might make you wonder: are the days of tight housing supply behind us? The short answer is no. Context is important. While you may see headlines saying inventory is up, data also shows there are still significantly fewer homes for sale than there would usually be in a more normal market.

The graph below compares the latest active listing counts (homes currently available for sale) with the most recent normal years in the housing market (2017-2019):

As Lance Lambert, Founder, ResiClub Analytics, explains:

“Housing market inventory is so far below pre-pandemic levels that October’s big jump is still just a drop in the bucket.”

What does that mean for you? Remember, real estate is hyper-local. Partnering with a trusted real estate agent will help you gain a better understanding of the inventory situation in your specific market.

If you’re looking to buy, you may have slightly more options than you did in recent months, but you still need to brace for low inventory. A great agent will be able to share their expertise and key strategies that have helped other buyers navigate today’s ongoing low housing supply.

And, if you’re trying to sell, rest assured you haven’t missed your window of opportunity to potentially get multiple offers or see your house sell quickly. While inventory has ticked up some nationally, overall, it’s still low and may be down even more in your area. 

Bottom Line

If you’re looking to buy or sell a home, connect with a local real estate agent so you can make sure you’re up to date on all the latest trends that could impact your move, including today’s housing supply. 

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The biggest challenge in the housing market right now, and likely for years to come, is how few homes there are for sale compared to the number of people who want to buy. That’s why, if you’re thinking about selling your house, this is a great time to do so. Your house would be welcome in a market that has fewer homes for sale than it did in the years leading up to the pandemic.

According to the latest Monthly Housing Market Trends Report from realtor.com:

“There were 65.5% more homes for sale in January compared to the same time in 2022. This means that there were 248,000 more homes available to buy this past month compared to one year ago. While the number of homes for sale is increasing, it is still 43.2% lower than it was before the pandemic in 2017 to 2019. This means that there are still fewer homes available to buy on a typical day than there were a few years ago.”

The graph below shows how today’s inventory of homes for sale compares to recent years:

What Does This Mean for You?

Fewer homes for sale means buyers have fewer choices than they did prior to the pandemic—and that frustration is leading some to give up on the homebuying process altogether. But with mortgage rates sitting lower than they were at the peak last fall, more buyers are willing to come back into the process—they just need to find homes to buy. This is welcome activity for the spring market, especially if you’re thinking of selling your house.

With a renewed interest in buying a home for many, the New York Times (NYT) reports:

“Home buyers are edging back into the market after being sidelined last year . . .”

So, if you want to take advantage of a sweet spot in the market, this spring could be your shot.

Bottom Line

The housing market needs more homes for sale to meet the demand of today’s buyers. If you’ve thought about selling, now’s the time for us to connect and get ready for you to make a move this spring.

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If you’re thinking about buying a home, you’re likely trying to juggle your needs, current mortgage rates, home prices, your schedule, and more to try to decide if you want to jump into the market.

If this sounds like you, here’s one key factor that could help you with your decision: there are more homes for sale today than there were at this time last year. According to Calculated Risk, for the week ending in November 18^th, there were 47.7% more homes available for sale than there were at the same time in 2021. And having more options for your home search may be exactly what you need to feel confident about making a move.

Here’s a look at where the increased housing supply is coming from so you can get a better sense of what’s happening in the market today and what it means for you.

What Caused the Growth in Housing Inventory This Year?

The increase we’ve seen in housing supply this year isn’t from the source you think it is. Rather than an influx of recent homeowners listing their houses for sale (known as new listings), the primary reason the supply has grown is because homes are staying on the market a bit longer (known as active listings).

That’s happening because higher mortgage rates and home prices have helped moderate the peak frenzy of buyer demand, which has slowed down the pace of sales. And, as the pace of sales has eased, inventory has grown as a result.

The graph below uses data from realtor.com to show that it’s active listings, not new listings, that have driven the growth we’ve seen over the past few months:

And while overall inventory gains may slow down this winter due to typical housing market seasonality, you still have a chance to capitalize on the current supply.

What This Means for Your Home Search

Regardless of the source, the increase in available housing supply is good for buyers. More homes available for sale means you have more options to choose from as you search for your next home, and you may even have more time to consider them.

So, if you tried to buy a home last year and lost out in a bidding war or just couldn’t find something you liked, this may be the news you’ve been waiting for. If you start your search today, those additional options should make it less difficult to find a home you love, especially as some other buyers pause their search this holiday season.

Just remember, housing supply is still low overall, so it won’t suddenly be easy – it’ll just be less challenging than it was at this time last year. As a recent article from realtor.com says:

“Despite this improvement in the number of homes actively for sale, active listings still lag their pre-pandemic levels.”

The increase in housing supply helps put you in a great position to kick off the new year in your dream home. And who better to help you find it than a trusted, local real estate professional?

Bottom Line

If you’re ready to jump into the housing market and see what’s available in our local area, let’s connect.

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Some Highlights:

• ATTOM Knowledge Options carried out an analysis of greater than 29 million single household house and rental gross sales over the previous eight years to find out the highest days to checklist your own home on the market.
• The highest 5 days to checklist your own home introduced in a 10% premium over market worth and are all in both Could or June!
• “Households begin their house search once they know their children will likely be out of college and when the climate is right for house viewing and transferring, giving house sellers an higher hand in worth negotiations.”
• There’s nonetheless time to checklist your own home earlier than these dates cross you by!

The publish Top Days to List Your Home for Sale [INFOGRAPHIC] appeared first on Keeping Current Matters.

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Each house owner needs to ensure they maximize their monetary reward when promoting their residence. However how do you assure that you just obtain the utmost worth for your home?

Listed here are two keys to make sure that you get the best worth attainable.

1. Value it a LITTLE LOW 

This may occasionally appear counterintuitive, however let’s have a look at this idea for a second. Many householders assume that pricing their houses a bit OVER market worth will depart them with room for negotiation. Truly, this simply dramatically lessens the demand for your home (see chart under).

As an alternative of the vendor attempting to ‘win’ the negotiation with one purchaser, they need to worth it in order that demand for the house is maximized. By doing this, the vendor won’t be preventing with a purchaser over the value however will as a substitute have a number of patrons preventing with one another over the home.

HGTV offers this recommendation:

“First impressions are every thing when promoting your property. Research have proven that the primary two weeks in the marketplace are probably the most essential to your success. Throughout these preliminary days, your property can be uncovered to all energetic patrons.

In case your worth is perceived as too excessive, you’ll shortly lose this preliminary viewers and end up relying solely on the trickle of recent patrons getting into the market every day. Markets are dynamic, and your worth has an expiration date. You might have one probability to seize consideration. Make certain your pricing helps you stand out on the shelf — in a optimistic approach.”

2. Use a Actual Property Skilled

This, too, could seem counterintuitive. The vendor could consider that she or he will make more cash with out having to pay an actual property fee, however research have proven that houses usually promote for extra money when dealt with by an actual property skilled.

Analysis by the Nationwide Affiliation of Realtors of their 2018 Profile of Home Buyers and Sellers revealed that,

“the median promoting worth for all FSBO houses was $200,000 final 12 months. Nevertheless, houses that had been bought with the help of an agent had a median promoting worth of $264,900 – practically $65,000 extra for the standard residence sale.”

Backside Line

Value your home at or barely under the present market worth and rent an expert. This may assure that you just maximize the cash you get for your home.

The put up Want to Get the Most Money from The Sale of Your Home? Use These 2 Tips! appeared first on Keeping Current Matters.

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In at the moment’s market, as residence costs rise and a scarcity of stock continues, some householders could contemplate making an attempt to promote their houses on their very own, identified within the business as a For Sale by Proprietor (FSBO). There are a number of explanation why this won’t be a good suggestion for many sellers.

Listed here are the highest 5 causes:

1. Publicity to Potential Consumers

In response to NAR’s 2018 Profile of Home Buyers and Sellers, 95% of patrons searched on-line for a house final yr. That’s compared to solely 13% of patrons taking a look at print newspaper adverts. Most actual property brokers have an Web technique to advertise the sale of your house, do you?

2. Outcomes Come from the Web

The place did patrons discover the houses they really bought?

• 50% on the Web
• 28% from an actual property agent
• 7% from a yard signal
• 1% from newspapers

The times of promoting your home by placing out a garden signal or placing an advert within the paper are lengthy gone. Having a powerful Web technique is essential.

3. There Are Too Many Individuals to Negotiate With

Here’s a list of among the individuals with whom you should be ready to barter in the event you determine to For Sale by Proprietor:

• The client who desires the perfect deal potential
• The client’s agent who solely represents the perfect pursuits of the client
• The client’s legal professional (in some elements of the nation)
• The house inspection corporations, which work for the client and can nearly at all times discover some issues with the home
• The appraiser if there’s a query of worth

4. FSBOing Has Grow to be Extra And Extra Troublesome

The paperwork concerned in promoting and shopping for a house has elevated dramatically as business disclosures and laws have change into obligatory. This is without doubt one of the causes that the share of individuals FSBOing has dropped from 19% to 7% during the last 20+ years.

5. You Web Extra Cash When Utilizing an Agent

Many owners consider that they will save on the true property fee by promoting on their very own, however they don’t understand that the principle purpose patrons take a look at FSBOs is as a result of in addition they consider that they will save on the true property agent’s fee. The vendor and purchaser can’t each save the fee.

A study by Collateral Analytics revealed that FSBOs don’t truly save something, and in some instances could also be costing themselves extra, by not itemizing with an agent. One of many most important causes for the value distinction on the time of sale is that,

“Properties listed with a dealer that could be a member of the native MLS shall be listed on-line with all different collaborating dealer web sites, advertising and marketing the house to a a lot bigger purchaser inhabitants. And people MLS properties usually supply compensation to brokers who symbolize patrons, incentivizing them to indicate and promote the property and once more probably enlarging the client pool.”

If extra patrons see a house, the better the possibilities are that there could possibly be a bidding battle for the property. The examine confirmed that the distinction in worth between comparable houses of dimension and site is at the moment at a mean of 6% this yr.

Why would you select to record by yourself and handle all the transaction when you’ll be able to rent an agent and never must pay something extra?

Backside Line

Earlier than you determine to tackle the challenges of promoting your home by yourself, sit with an actual property skilled in your market and see what they’ve to supply.

The submit Why You Should Not For Sale By Owner appeared first on Keeping Current Matters.

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