How Growing Inventory Benefits Today's Home Buyers

How Growing Inventory Benefits Today's Home Buyers

As the real estate market evolves, one of the most significant changes we're seeing this year is the increase in inventory. For homebuyers, this shift is a game-changer. Let’s dive into what this means for you if you're in the market to buy a home.

National Inventory: The Big Picture

While the number of homes for sale can vary greatly depending on your local area, nationally, we've seen a substantial increase in inventory this year. Specifically, the national inventory has grown 36.6% year-over-year. However, it's important to note that we're still 28.7% below the pre-pandemic levels (2017-2019). This data highlights that while inventory is up, we're not entirely back to the market conditions of a few years ago.

What Does This Mean for You as a Buyer?

The increase in inventory brings several key benefits to those looking to purchase a home:

1. More Options for Your Search
   With more homes available, you have a broader selection to choose from. This gives you the opportunity to find a property that truly meets your needs and preferences.

2. Greater Negotiation Power
   As inventory grows, buyers gain more leverage. In a competitive market with fewer homes, sellers typically have the upper hand. But with more properties on the market, the balance shifts, allowing buyers to negotiate more effectively.

3. Increased Likelihood of Repairs
   In today's market, sellers are more willing to make select repairs to close the deal. This is a stark contrast to the frenzied market conditions we saw in recent years, where buyers often had to forgo requests for repairs just to get an offer accepted.

4. More Moderate Price Growth
   As inventory rises, we're also seeing a moderation in price growth. While prices are still increasing, they're doing so at a more measured pace, making homeownership a more accessible goal for many buyers.

Expert Insights

According to Lisa Sturtevant, Chief Economist at Bright MLS, “Buyers that remain in the market are starting to have more leverage, and sellers of existing homes are increasingly offering concessions, including help with closing costs and money toward repairs.” This is a clear indication that the market is shifting in favor of buyers, a trend we haven't seen in some time.

Let’s Connect

If you’re curious about how these changes in inventory could impact your home-buying journey, now is the time to reach out. Whether you're just starting your search or are ready to make a move, I’m here to help you navigate this evolving market. Let’s connect and discuss how we can turn these market conditions to your advantage.