There are more homes for sale today than at any time last year. So, if you tried to buy a home last year and were outbid or out priced, now may be your opportunity. The number of homes for sale in the U.S. has been growing over the past four months as rising mortgage rates help slow the frenzy the housing market saw during the pandemic.
Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains why the shifting market creates a window of opportunity for you:
“This is an opportunity for people with a secure job to jump into the market, when other people are a little hesitant because of a possible recession. . . They’ll have fewer buyers to compete with.”
Two Reasons There Are More Homes for Sale
The first reason the market is seeing more homes available for sale is the number of sales happening each month has decreased. This slowdown has been caused by rising mortgage rates and rising home prices, leading many to postpone or put off buying. The graph below uses data from realtor.com to show how active real estate listings have risen over the past four months as a result.
Author:DJ & Associates - DJ Jenkins Phone: 571-330-6010 Dated: July 30th 2022 Views: 19 About DJ & Associates -: If you're in the market for buying or selling your home, You Need a Great Real Estate Agent! With th...
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If you're in the market for buying or selling your home, You Need a Great Real Estate Agent! With the right agent by your side, you'll make smarter real estate decisions. Whether you are looking to buy your first home or your seventh, selling to upsize or downsize, as your local real estate agent DJ will provide you with targeted market knowledge and personalized service during each step of the home buying and/or selling process. Our network and tools for buying and selling homes are unmatched in your local market. What DJ brings to the table is a wealth of knowledge about Washington D.C., Northern Virginia, Maryland and access to a team of local industry professionals that will accommodate the type of transactions you will be certainly looking to receive. Her knowledge of marketing, negotiating and researching stems from her vast experience working and living in the DC Metro area.