You’ve been searching for a home for months. But there just doesn’t seem to be anything for sale in the area where you want to buy. Unfortunately, you’re not alone in this situation. Many would-be first-time home buyers have had to hold off on their plans due to a shortage in housing inventory that has plagued the U.S. for the past few years. But now, there’s good news and things are looking up! It appears as if the situation is shifting and the housing inventory is increasing! Here’s what you need to know.
Housing Inventory Growth in 2024
It can be frustrating trying to buy a home when your options for available properties are limited. Perhaps you’ve recently been promoted at work and are being transferred to a new location. Or maybe your family has expanded and you’ve outgrown your current home. Either way, there are some situations in which borrowers just can’t wait to buy. And if there’s nothing for sale, it can create a lot of stress.
Unfortunately, this has been the story for many buyers over the past few years. The pandemic left a devastating hole in the housing inventory, which was in short supply even before COVID-19. In some cases, buyers have been forced to purchase a property that is less than ideal for their situation. In others, buyers have been forced to move into temporary housing like apartments and condos and pay rental costs much higher than their mortgage would be.
But the good news is, the situation is finally improving. Compared to last year, the number of active listings is up by 24%. In some markets, that number is even higher. In states like Florida, inventory has increased by over 50%. While inventory is still lower nationwide than it was before the pandemic, it appears that things are headed in a positive direction.
How Does this Impact First-Time Homebuyers?
A growing housing inventory is beneficial for first-time buyers for several reasons:
- More Choices: A higher number of listings means more options that suit different preferences and budgets.
- Reduced Competition: More homes available lessen bidding wars, allowing buyers to avoid overpaying.
- Increased Negotiation Power: With homes staying on the market longer, buyers can negotiate better terms, such as price reductions or seller concessions.
- Lower Prices: When supply exceeds demand, prices drop, making homes more affordable for first-time buyers who often have tighter budgets.
Achieve Your Dream of Homeownership
So, first-time home buyers, what are you waiting for? It’s time to make your move! Homeownership is calling your name. All you have to do is answer! Contact our office today to begin the application process.
