House Hunting Just Got Easier – Here’s Why

House Hunting Just Got Easier – Here’s Why

If you've been discouraged by the scarcity of available homes in recent years, there's encouraging news that might prompt you to restart your home search. You now have more options available. As Daryl Fairweather, Chief Economist at Redfin, elaborates:

“Now is the best time to buy in the last two years. Mortgage rates are comparable to what they were two years ago, and prices remain high. However, there is significantly more inventory . . .”

The inventory of homes for sale has increased compared to last year, with even more options expected to arrive soon. Although this uptick is typical of the busy spring season, its significance is particularly notable at this time.

Homeowners are listing their properties at the fastest rate observed in recent years.

New Listings Are Increasing

In recent months, there has been a consistent rise in the number of new listings—homes freshly placed on the market for sale, as illustrated in the graph below:

Increasingly, more homeowners each month are deciding to list their properties, driven by various reasons such as moving up, downsizing, or relocating. This trend is a positive indicator for the housing market.

Sellers who have been hesitant in recent years are now re-entering the market. This resurgence is enhancing the overall inventory and creating better prospects for both buyers and sellers looking to move up.

Moreover, it's not just that there are more listings each month; there's also a significant year-over-year increase. According to Realtor.com, new listings in March were 10.2% higher than the previous year, marking the most active March for new listings since 2021, as depicted in the graph below:

For those who have been eagerly awaiting more selection in the housing market, the recent increase in new listings is exactly the opportunity you've been hoping for. With more homes becoming available, you have a better chance of finding a property that meets your specific needs.

To ensure you don't miss any of the newest listings in your area, it's wise to work closely with a local real estate agent.

Bottom Line

If you're considering a move this spring, now might be the perfect time to begin exploring your options. With an influx of fresh listings, the ideal home for you could already be on the market.

What specific features or neighborhoods are you prioritizing in your home search?