Market:

I know what you’re thinking “Ha, this guy must think I’m crazy” but hear me out. There are tons of buyers who had to put off their home search over the past two years because of the bidding wars and the fiercely competitive market. Not only that but continuously getting outbid on homes is not fun. During this seller’s market, we were getting on average 5 offers per home, and on top of that, the mortgage rates continued to go up. Now looking at the market the homes are only getting about 2.5 offers and the inventory is going up.

What This Means for You:

If you put your home search on pause because you were outbid last year or because you didn’t want to deal with the intense bidding wars, you can breathe a sigh of relief. While still a seller’s market, an increase in inventory gives you a window of opportunity to jump back in. After a year and a half of impossibly difficult low inventory and bidding wars, the market is now telling us the typical home is now selling for less than its asking price.

Bottom Line:

Today, bidding wars are easing, which means less competition for a buyer. If you start your search today, these additional options should make it less difficult to find a home than it would have been over the past two years. If you’re ready to jump into the market and take advantage of the increasing supply of homes for sale, connect with a real estate professional today.