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Want To Buy a Home? Now May Be the Time.

Thursday, August 4, 2022   /   by Laura Larson

Want To Buy a Home? Now May Be the Time.

Today, there are more houses for sale than at any point in the previous year. Therefore, if you tried to buy a house last year but were outbid or overcharged, this could be your chance. Over the past four months, there have been more houses for sale in the United States as rising mortgage rates have slowed the property market's frenzy brought on by the pandemic.

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 market is seeing more homes for sale in part because fewer transactions are taking place each month. Rising mortgage rates and housing prices are to blame for this slowdown, which has forced many people to delay or put off buying.

The second reason the market is seeing more homes available for sale is that the number of people selling their homes is also rising.

Bottom Line
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 outpriced last year. Call Laura today if you want to take advantage of the improved inventory of homes.