Now is the time to buy a home
If you're thinking of buying a home this year, you may have more options than you did last year. According to data from the National Association of Realtors, there are more homes for sale than at any time last year.
Interest rates have been rising in recent months, which has helped to slow the frenzy that the housing market saw during the pandemic. This means that there are more buyers looking for homes, and less competition for each listing.
If you're considering purchasing a home in 2022 and we're previously outbid, now may be a good time to start your search. With more homes on the market and less competition from other buyers, you may be able to find a property that meets your needs and fits your budget.
Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains why the shifting market creates a window of opportunity for you:
“This is an opportunity for people with a secure job to jump into the market, when other people are a little hesitant because of a possible recession. . . They’ll have fewer buyers to compete with.”
Two reasons there are more homes for sale
The first reason the market is seeing more homes available for sale is the number of sales happening each month has decreased. This slowdown has been caused by rising mortgage rates and rising home prices, leading many to postpone or put off buying. The graph below uses data from realtor.com to show how active real estate listings have risen over the past four months as a result.
There has been a pretty drastic shift in the Tampa Bay real estate market over the last few months. In January 2022, there were 337 active listings, which was 20% lower than January 2021. However, by June 2022, there were 391 active listings, which was 10% higher than June 2021. This is likely due to the increasing popularity of the Tampa Bay area as a whole. More and more people are moving to the area for its beautiful weather and its many amenities.
The second reason the market is seeing more homes available for sale is because the number of people selling their homes is also rising. The chart below outlines new monthly listings coming onto the Tampa Bay market compared to last year. As the graph shows, for the past three months, more people have put their homes on the market than the previous year.
This trend is likely due to a variety of factors, including an overall increase in population and housing costs, as well as recent changes in the economy and job market.
The number of homes for sale across the country is growing, and that means more options for those thinking about buying a home. This is the opportunity many have been waiting for who were outbid or out priced last year. Give us a call or text us to start your home search. We'd be honored to help you.
Data: KCM and GTAR