A Key Opportunity for Homebuyers

By
Real Estate Broker/Owner with Arizona Resource Realty BR518926000

There’s no denying the housing market has delivered a fair share of challenges to homebuyers over the past two years. Two of the biggest hurdles homebuyers faced during the pandemic were the limited number of homes for sale and the intensity and frequency of bidding wars. But those two things have reached a turning point.

As you may have already heard, the number of homes for sale has increased this year, and even more so this spring. As Danielle Hale, Chief Economist for realtor.comexplains:

New listings–a measure of sellers putting homes up for sale–were up 6% above one year ago. Home sellers in many markets across the country continue to benefit from rising home prices and fast-selling homes. That’s prompted a growing number of homeowners to sell homes this year compared to last, giving home shoppers much needed options.”

This is encouraging news. More homes coming onto the market give you a greater chance of finding one that checks all your boxes.

Buyer Competition Moderating Helps Inventory Grow Even More

Mark Fleming, Chief Economist at First Americansays inventory growth is happening not just because there’s an increase in the number of listings coming onto the market, but also because buyer demand has moderated some in light of higher mortgage rates and other economic factors:

There has been a pickup in the inventory that we’ve seen recently, but it’s not from a big increase in new listings . . . but rather a slowdown in the pace of sales. And remember that months’ supply measures the inventory of sale relative to the pace of sales. Same inventory, fewer sales, means more months’ supply.”

Basically, the market is shifting away from the frenzy of buyer competition seen during the pandemic, and that’s helping available inventory grow. In their latest forecastrealtor.com also mentions the moderation of demand as a key factor and projects the inventory growth should continue:

As rising inflation and mortgage rates bring U.S. housing demand back from the 2021 frenzy, . . . inventory will grow double-digits over 2021 and offer buyers a better-than-expected chance to find a home.”

How This Impacts You

The combination of more homes coming onto the market and a slower pace of home sales means you’ll have more options to choose from as you search for your next home. That’s great news if you’ve been searching for a while with little to no luck. Just remember, there isn’t a sudden surplus of inventory, just more homes to choose from than even a few months ago. So, you’ll still want to be decisive and move fast when you find the right home for you.

And when you do, you may be faced with less competition from other buyers too. If you’ve been waiting to jump into the market because the intensity of the bidding wars was intimidating or if you’ve been outbid on several homes, this moderation could help make the homebuying process a bit smoother. It’s not that it’ll be easy or that bidding wars are a thing of the past – that’s not the case. But it won’t feel nearly as impossible.

Bottom Line

As the housing market begins its shift back toward pre-pandemic levels, you could have a unique opportunity in front of you. With moderating levels of buyer competition and more homes actively for sale, your home search may have gotten a bit less challenging. Let’s connect to begin the process today.

Posted by

Specializing in Payson AZ Real Estate, Bank Foreclosures, Homes for Sale in Payson, Land for sale in Payson, and more... Visit me at www.ArizonaResourceRealty.com and learn about my REO Broker Profile in Arizona.

 
 
Professionally,
 
     
TAMRA LEE ULMER   OWNER / BROKER  
 
NRBA~ FORCE ~A-REO™~CREA~ CDPE~ NABPOP~ C-REPS~ FIVE STAR ~ BPOR ~ WBENC  
 
 
***  
 
OVER 1000 REO PROPERTIES SOLD SINCE 1999!... EXPERIENCE COUNTS!  
 
 
m. 480-442-8617  
 
t. 928-474-2550 ext 700  
 
e. Tamra.Lee.Ulmer@ResourceAZ.com  
 
w. ArizonaResourceRealty.com  
 
***  
 
CREA - Certified Real Estate Auctioneer®  
 
www.ArizonaPropertyAuctions.com  
 
Servicing The Heart ♥ Of Arizona Since 1999!  
 
NOW HIRING SUPERSTAR AGENTS FOR HEAVY LEAD FLOW!  
 
 
                   
 
 
The information in this electronic mail message is the sender's confidential business and may be legally privileged.
It is intended solely for the addressee(s). Access to this internet electronic mail message by anyone else is unauthorized.
If you are not the intended recipient, any disclosure, copying, distribution or any action taken or omitted to
be taken in reliance on it is prohibited and may be unlawful.
 
       
 
Learn how to become friends with Change... as it is the only thing in life that's Certain!
 
 

Comments (2)

Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Tamra. As we see more inventory, is it because of the need to sell, a surge based upon the news reports of a market slow down or a blip in the market due to buyers panicking over the rapid rise in interest rates? We will never really know as all we get is what the pundits think, not necessarily the facts. Enjoy your day.

Jun 29, 2022 04:34 AM
Tamra Lee Ulmer

Thanks for your time, Wayne. Have a wonderful Wednesday!

Jun 29, 2022 03:04 PM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Tamra - I think some sellers see a bigger sense of urgency now and are listing.

Jun 29, 2022 05:25 AM
Tamra Lee Ulmer

I agree! Thanks for your time. Have a wonderful Wednesday!

Jun 29, 2022 03:05 PM