Housing inventory is improving, now may be a great time to get back in the game.

Dated: July 18 2022

Views: 5

"Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time." - Thomas A. Edison
I knew this beautiful slice of Halifax, MA history wouldn't last. The former site of the Lyonville Shoe Factory from the 1800's was lovingly refurbished in 1984, including the addition of a full basement. Offer Accepted. Don't fret though, I can help you find something you will love. Click the link below to search more properties, and then give me a call or text. I will be happy to find what it is you are looking for.
Wondering Where You’ll Move if You Sell Your House Today?
If you put a pause on your home search because you weren’t sure where you’d go once you sold your house, it might be a good time to get back into the market. That’s because today’s market is undergoing a shift, and the supply of homes for sale is increasing as a result. That means you may have a better chance of finding a home that will meet your current needs. Here are some options to consider.
Buying an Existing Home Can Give You That Lived-in Charm
According to the National Association of Realtors (NAR), the supply of existing homes (a home that’s been previously owned) has steadily increased since the beginning of the year. The graph below indicates inventory levels are rising, and that’s largely due to more homes coming onto the market and the pace of sales slowing:
As the graph shows, if you’re looking for a home with lived-in charm, supply is rising, and that’s great news for you.
Danielle Hale, Chief Economist for realtor.com, gives insight into why more homeowners are listing their homes and adding to the growing supply of existing homes today:
“Home sellers in many markets across the country continue to benefit from rising home prices and fast-selling homes. That’s prompted a growing number of homeowners to sell homes this year compared to last, giving home shoppers much needed options. We’ve seen more homes come up for sale this year compared to last year . . .”
There are several benefits to buying an existing home. Many buyers want to purchase a home with history, and the character of older houses is hard to reproduce. Existing homes can often be part of an established neighborhood featuring mature landscaping that can give you additional privacy and boost your curb appeal.
Plus, timing can be a consideration as well. With an existing home, you can move in based on the timeline you agree to with the sellers, rather than building a new home and waiting for construction to finish. This is something to keep in mind, especially if you need to move sooner rather than later.
Just remember, while more sellers are listing their homes, supply is still low overall. That means you’ll have more options to choose from as you search for your next home, but you’ll still need to be prepared for a fast-moving market.
Purchasing a Newly Built or Under Construction Home Means Brand New Everything
Census data shows there’s an increasing number of new homes available for sale. It includes homes that are under construction, soon to be completed, and fully built. As the graph below highlights, the supply of new homes for sale has also grown this year:
When building a new home, you can create your perfect living space and customize it to your lifestyle. That could mean everything from requesting energy efficient options to specific design features. Plus, you’ll have the benefit of all new appliances, windows, roofing, and more. These can all help lower your energy costs, which can add up to significant savings over time.
The lower maintenance that comes with a newer home is another great advantage. When you have a new home, you likely won’t have as many little repairs to tackle, like leaky faucets, shutters to paint, and other odd jobs around the house. And with new construction, you’ll also have warranty options that may cover portions of your investment for the first few years.
Keep in mind, purchasing a new home could mean waiting a considerable amount of time before you can move. Robert Dietz, Chief Economist and Senior Vice President for Economics and Housing Policy at the National Association of Home Builders (NAHB), explains:
“New single-family home inventory remained elevated at a 7.7 months’ supply. . . . However, only 8.3% of new home inventory is completed and ready to occupy. The remaining have not started construction (25.9%) or are currently under construction.”
That’s an important factor when making your decision and one you should discuss with a trusted real estate advisor. They’ll help you think through all the pros and cons of both new and existing homes to help you arrive at your best decision.
Bottom Line
With the supply of homes for sale rising, you have options for your next home no matter what your preferences are. If you have questions or want help deciding what’s best for you, let’s connect and start the conversation today.
I love supporting local small businesses. Click the link below to check out some of the amazing businesses and charities I recommend and do business with. If you would like to have your business featured here, please send me an email.
Click this button to calculate your mortgage
Thinking of Buying or Selling?
Call me today at
(781) 718-4311
or email me: jill.ripley@exprealty.com
If you are looking for property in these towns click the buttons below
Become a Shareholder
 
No desk fees. No royalty fees. No franchise fees. Keep 80-100% of your commissions. eXp Realty also offers every agent the unique opportunity to become a shareholder in their own company, and celebrate the company’s financial success. Oh, and did I mention we have health plan availability? If you want to join a culture of collaboration and agent appreciation, give eXp serious consideration.
Market Data
Blog author image

Jill Ripley

I am a seasoned sales professional, eager to assist you with finding your dream home, or helping you to maximize the profit on your listing.  I am a licensed REALTOR®, Senior Real Estate....

Latest Blog Posts

The Housing Market Is Shifting! Is Now The Time To Resume Your Home Search?

"As for the future, your task is not to foresee it, but to enable it." - Antoine De Saint-ExuperyIs the Shifting Market a Challenge or an Opportunity for Homebuyers?If you tried to buy a home

Read More

The Forebearance Program Changed The Housing Market

"Success is neither magical nor mysterious. Success is the natural consequence of consistently applying the basic fundamentals." - Jim RohnWhy the Forbearance Program Changed the Housing MarketWhen

Read More

Debunking Market Myths

"A single sunbeam is enough to drive away many shadows." -Francis of AssisiA Real Estate Professional Helps You Separate Fact from FictionIf you’re following the news, chances are you’ve

Read More

Home building deficits and increased buyers entering the market are driving home price appreciation.

"Infinite growth of material consumption in a finite world is an impossibility." - E. F. SchumacherWhat’s Causing Ongoing Home Price Appreciation?If you’re thinking about making a

Read More