If you attempted to purchase a property during the pandemic, you know the significant difficulty of the scarcity of available properties. As purchasers fought with one another to make the best offer, it sparked fierce bidding wars that increased housing prices.
However, what was once your biggest obstacle can now be your best chance. According to current data, buyer demand is slowing due to rising mortgage rates. Here are a few explanations why this housing market change is favorable for your intentions to purchase a home.
The small number of dwellings available during the pandemic was due to various factors, such as the history of underbuilding new homes since the 2008 market meltdown.
One of the reasons the housing supply is now allowed to increase is because moderating demand is lowering the rate of home sales. Finding your future house shouldn’t be as challenging as lately because you’ll have more possibilities.
Additionally, having more alternatives can result in less heated bidding battles. According to a recent research from National Association of Realtors (NAR) Realtors Confidence Index, this shift has already started.
If you’ve previously been outbid or have had trouble finding a property that suits your needs, there’s still hope. You now have more alternatives and less competition, a crucial lesson to learn from.
Keep in mind that while lessening, data indicates that multiple-offer circumstances are still occurring; they are only less frequent than they were during the previous year. You should still rely on an agent to help you navigate the process and make your best offer first.
It could be time to resume your house hunt if you still want to relocate. To begin the home-buying process, team up with a real estate expert.