Why It Might Be a Great Time to Start or Renew Your Home Search

Why It Might Be a Great Time to Start or Renew Your Home Search

If you’re thinking about buying a home, you likely have a lot of factors on your mind. You’re weighing your own needs against higher mortgage rates, today’s home prices, and more to try to decide if you want to jump into the market. While some buyers may wait things out, there’s a reason serious buyers are making moves right now, and that’s the growing number of homes for sale.

So far this year, housing inventory has been increasing and that’s making the prospect of finding your dream home less difficult. While there are always reasons you could delay making a big decision, there are also always reasons to consider moving forward. And having a growing number of options for your home search may be exactly what you needed to feel more confident in making a move.

What’s Causing Housing Inventory To Grow?

As new data comes out, we’re getting an updated picture of why housing supply is increasing so much this year. As Bill McBride, Author of Calculated Riskexplains:

We are seeing a significant change in inventory, but no pickup in new listings. Most of the increase in inventory so far has been due to softer demand – likely because of higher mortgage rates.”

Basically, the inventory growth is primarily from homes staying on the market a bit longer (known as active listings). And that’s happening because higher mortgage rates and home prices have helped moderate the peak frenzy of buyer demand.

The graph below uses data from realtor.com to show how much active listings have risen over the past five months as a result (shown in green):

Why You May Want To Start Your Home Search Today | MyKCM

Why This Growth Is Good News for You

Regardless of the source, the increase in available housing supply is good for buyers. More housing supply actively for sale means you have more options as your search for your next home. A recent article from realtor.com explains just how significant the inventory growth has been and why it’s good news for your plans to buy:

“Nationally, the inventory of homes actively for sale on a typical day in July increased by 30.7% over the past year, the largest increase in inventory in the data history and higher than last month’s growth rate of 18.7% which was itself record-breaking. This amounted to 176,000 more homes actively for sale on a typical day in July compared to the previous year and more choice for buyers who are still looking for a new home.

The growth this year is certainly good news for you, especially if you’ve had trouble finding a home that meets your needs. If you start your search today, those additional options should make it less difficult to find a home than it would have been over the past two years.

Is Selling My Own Home a Good Idea?

Is Selling My Own Home a Good Idea?

We’re in the middle of a hot market. With historically low inventory and soaring prices, it might seem like a great time to sell your home yourself. My house will sell itself, right? Not exactly. Here’s why it’s best to let a professional handle the biggest transaction of your life.

1. Agents will help you avoid emotional sales

Working with an agent can help you effectively negotiate what is often the biggest transaction of your life. Sellers are likely to be emotional about the process (it’s your house after all!) Yes, selling a home is a BIG deal, so let’s try and keep a level head : )

2. Correct pricing

Overpricing is a common mistake FSBOs make. Pricing it correctly will help attract the right buyers for your home. The money you think you’re saving by not paying a commission, may end up costing you. Ironically, the National Association of Realtors estimates FSBO homes sell for as much as 11% less than those who sold with a real estate agent. In the end, FSBO sellers often end up accepting a lower price for their home than they would with an agent.

3. Effectively negotiate and show your home

It’s important to have someone on your team who understands how to fulfill contracts and negotiate on your behalf. Added to that, having the seller present for showings makes everyone a bit uncomfortable. A much better showing experience for all is when buyers have the freedom to take their time going through a house.

4. An agent will help weed out unqualified buyers

It’s more than just pricing and accepting an offer. Working with an agent will help limit the risks of selecting a buyer who is unprepared to purchase your home and will help you identify the strongest offers.

5. Are you ready to make this your full-time job?

From marketing, to the open house, showings, inspection, appraisal, paperwork, phone calls, offer deadlines, and everything in between, selling a home is a full-time job. Agents help hold it all together and make sure you meet the commitments that are essential to the final sale of your home.