More Starter Homes Are Hitting the Market

More Starter Homes Are Hitting the Market

More entry-level homes, commonly known as starter homes, are becoming available on the market. After several years of scarce availability and escalating prices, there are now more options for first-time homebuyers.

Inventory Is Increasing – Especially at Lower Price Points

Over the past year, there has been a notable improvement in the overall supply of homes for sale. As reported by Realtor.com, as of November, there was a 26.2% increase in the number of homes available compared to the same period last year. This represents 13 consecutive months of inventory growth, leading to the highest number of homes on the market since December 2019.

However, this increase in inventory hasn't been evenly distributed across all home types. According to Redfin, starter homes have seen the most significant rise in availability (see graph below):

If you're a first-time buyer who has been hesitant to enter the market due to concerns about finding a starter home, this could be a pivotal moment for you. With more options now available, there's a strong possibility that you can find a home that fits your budget. This increase in inventory offers a great opportunity to explore homes that meet your needs.

How an Experienced Agent Helps You Find a Starter Homes

Locating the right starter home at a reasonable price in your local market might seem challenging, but a local real estate agent can make it easier. They stay current with the latest listings of starter homes in your area, ensuring you don’t miss any opportunities.

Your agent will help you concentrate on homes that meet both your budget and your needs, simplifying the search process. They will also guide you on how to make a suitable offer and negotiate effectively to secure the best possible outcome.

Additionally, they handle essential details like documentation and deadlines, helping you stay on track. If you have any questions throughout the process, your agent is there to provide answers and expert advice at every step.

Bottom Line

Starter homes are making a comeback, and this could be your chance to find one. Whether you’re ready to explore listings, need guidance, or just want to see what's available, let’s connect.