Paused Your Moving Plans? Here’s Why It Might Be Time To Hit Play Again

Paused Your Moving Plans? Here’s Why It Might Be Time To Hit Play Again

Last year, 70% of buyers put their home search on hold—perhaps you did too. It's understandable, given the scarce inventory, soaring prices, and fluctuating mortgage rates, all of which made finding an affordable dream home challenging.

However, the market is changing.

If you paused your home search in 2024, now might be the perfect time to resume. Here's why.

As inventory increases, you now have more choices.

Previously, even if the finances lined up, finding a home that met your needs was challenging due to limited availability. However, the situation is improving, with Realtor.com noting a 27.5% rise in inventory compared to last year.

If you were hesitant to sell your house due to uncertainty about finding your next home, the growing inventory should ease those concerns. You now have more options than a year ago, which is a significant advantage.

Additionally, homes are remaining on the market for longer periods. Previously, low inventory meant homes sold quickly, often overnight, which could be stressful if you needed to coordinate buying your next home simultaneously. The increased market time now offers a more relaxed pace for selling and buying, providing much-needed breathing room in the process.

The current data indicates that homes are staying on the market approximately 8% longer this year, marking the longest stretch since 2020. While still relatively quick compared to pre-2020 norms, homes are now taking about a week longer to sell than last year. This extended period provides a beneficial buffer for buyers and sellers, allowing more time to make well-considered decisions about moving. According to Hannah Jones, Senior Economic Research Analyst at Realtor.com, this adjustment offers a more manageable pace for those navigating the housing market.

“There are more homes for sale than in the last few years, which means the market pace is a bit more manageable–with longer days on market–and many sellers are more flexible . . . Though buyers face still-high housing costs, they may find a bit more give in the market, which could give them more time to make a decision, even in the busy spring and summer months.”

Absolutely, even with homes staying on the market slightly longer, the current inventory is still about 23% lower than pre-pandemic levels, which means well-priced homes continue to sell well. The current conditions offer a more relaxed environment for making decisions, making it an opportune time for sellers looking to move up, downsize, or relocate, as they now have more options to choose from.

Bottom Line

The increase in inventory and a less rushed market environment mean it could be an excellent time to restart your home search if you paused it. With more options available and more time to decide, you're in a stronger position to find a home that truly meets your needs. Let's discuss the specifics of our local market to better understand how these trends apply to you and what additional factors you might want to consider as you resume your home search.