Rising Inventory Means This Spring Could Be Your Moment

Rising Inventory Means This Spring Could Be Your Moment

This spring could be the ideal time for you to buy a home for two key reasons: increased inventory and greater willingness from sellers to negotiate. Here’s why:

1. Increased Options: This February saw the highest number of homes for sale compared to the past five Februarys. This growth in inventory, illustrated by a 27.5% increase over the last year according to Realtor.com, means you have more properties to choose from than buyers have had in years.

More choices in your home search are beneficial, and experts anticipate inventory will keep increasing this year, making it easier to find a home that meets your needs. Additionally, having more options offers other advantages. Danielle Hale, Chief Economist at Realtor.com, highlights the extra perks of increased inventory, such as less pressure during decision-making and potentially better negotiation terms, enhancing your homebuying experience.

“Buyers will not only have more home options . . . but they are also likely to find somewhat lower asking prices and more time to make decisions – all buyer-friendly factors as we inch closer to the busy homebuying season.”

2. You May Find Sellers Are Doing Price Cuts

Now that buyers have more options, some homes are staying on the market longer—especially those initially priced too high. This has led to an increase in sellers reducing their listing prices to attract buyers. According to Realtor.com, the number of listings with price reductions has risen compared to previous years, as shown in the graph below. This trend suggests that buyers might have more negotiating power and could potentially secure homes at lower prices.

The rise in inventory has led to more homes staying on the market longer, driving sellers to be more flexible with price cuts, reminiscent of more typical market conditions seen between 2017 and 2019. This could enhance your negotiating power on price, closing costs, or repairs, as more sellers are willing to adjust their expectations.

Bottom Line

This spring might offer the perfect opportunity for you if you've been waiting for the right time to buy. However, every market varies, so it's crucial to work with a local expert to navigate your options. If you’re ready to explore what’s happening locally or start your home search, let’s connect.

How does the current increase in inventory influence your plans to buy a home?