According to a
recent survey from the
National Association of Realtors (NAR), one of the top challenges buyers face in today’s
housing market is finding a home that meets their needs. That’s largely because the
inventory of homes for sale is so low today.
If you’re looking to
buy a home, you may have noticed this yourself. But there is good news. Recent data shows more sellers are listing their houses this season, which may give you more options for your
home search.
Early Signs Inventory May Be Growing
The
latest data from
realtor.com shows the number of listings coming onto the market, known in the industry as “new listings,” has increased since the start of the year (
see graph below):
This indicates more sellers are listing their homes for sale each month this year. And according to
realtor.com, this growth is expected to continue. Their
research finds
the majority of potential sellers plan to list their homes over the next six months. Realtor.com says:
“. . . markets may see a noticeable bump in the number of homes for sale as we move through spring and into summer. A majority of homeowners planning to sell this year indicated that they aim to list in the next six months, with almost 10% having already placed their properties on the market.”
Homes Are Still Selling Quickly
But while new listings are increasing, it’s important to know they’re also selling quickly. The latest
Realtors Confidence Index from NAR shows the median days on market for recently sold homes since the
beginning of the year (
see chart below). The time on market has decreased month-over-month. That means homes are selling even faster than they did the previous month.
What That Means for You
While a low-inventory market is difficult to navigate as a
buyer, there is hope. The growing number of new listings and the expectation more sellers will list their homes in the coming months is great news if you’ve had a hard time finding a home that
fits your needs. Just remember, those new listings are going fast. That means you’ll want to keep your foot on the gas and
be ready to act if you find a home you love this season.
Your agent can help you stay on top of the latest listings in your area so you can find the home that’s right for you and submit your
strongest offer as quickly as possible.
Bottom Line
If you’ve been having a hard time finding your dream home, stick with your search. More options are coming to market and your ideal home could be one of them. Partner with a real estate professional to stay up to date on the latest listings in your market, so you can be ready to move fast when you find the one that’s right for you.
