More Homes, Slower Price Growth – What It Means for You as a Buyer

  

The real estate market is shifting, and for prospective buyers, the changes are promising. For the first time in years, there’s an increase in the number of homes for sale. If you’ve been hesitant about entering the market or felt discouraged by high prices and limited options, now might be the perfect time to jump back in. Let’s break down why this matters and how it can impact your home-buying journey.

You Have More Options to Choose From

After years of tight inventory, the housing market is finally offering buyers a wider selection. According to Realtor.com, the number of homes actively for sale has surged, marking the highest count since December 2019. Specifically, inventory grew by 29.2% year-over-year in October, making this the twelfth consecutive month of growth.

While inventory levels haven’t fully returned to pre-pandemic levels, the increase in supply is significant. This uptick in available homes means buyers are less likely to experience the frantic competition that defined the market just a few years ago. Instead, you’ll have more time to evaluate your options and choose a home that truly fits your needs.

Here’s how more inventory works in your favor:

• More Choices: A larger selection of homes increases the likelihood of finding a property that checks all your boxes—whether it’s the perfect kitchen, backyard space, or proximity to work.
• Less Competition: With more homes to go around, bidding wars are less common. This reduces the pressure to make rushed decisions or overextend financially.
• Negotiation Leverage: When supply outpaces demand, buyers may gain an edge in negotiations. Sellers may be more willing to consider offers below asking price or agree to favorable terms.

Hannah Jones, Senior Economic Research Analyst at Realtor.com, puts it best:

"Though still lower than pre-pandemic, burgeoning home supply means buyers have more options..."

This is your opportunity to approach the buying process with more confidence and less urgency.

Home Price Growth Is Slowing

A few years ago, the housing market saw intense competition that drove home prices up rapidly. Limited inventory meant buyers were often forced to offer well above asking price just to secure a property. That dynamic is changing.

The increase in homes for sale has slowed the rate of price growth. In some markets, prices are even stabilizing or declining. According to Lance Lambert, Co-Founder of ResiClub:

"Generally speaking, housing markets where active inventory has returned to pre-pandemic 2019 levels have seen home price growth soften or even decline outright from their 2022 peak."

Here’s what this means for you as a buyer:

• Improved Affordability: Slower price growth means homes are becoming more accessible for buyers, even in areas where prices were previously out of reach.
• Budget Flexibility: With prices stabilizing, you may find homes in your preferred area or size that better fit your budget.
• Strategic Decisions: Flat or declining prices give buyers more time to weigh their options without feeling pressured to make immediate offers.

Dr. Anju Vajja, Deputy Director at the Federal Housing Finance Agency (FHFA), adds:

"For the third consecutive month, U.S. house prices showed little movement... relatively flat house prices may improve housing affordability."

While national trends are encouraging, it’s important to remember that inventory levels and price changes vary by market. In some areas, inventory has bounced back to normal levels, while others are still catching up. This is where having a knowledgeable local real estate agent becomes invaluable.

Why a Local Agent Is Key

Navigating a market with fluctuating inventory and price trends requires expertise. A real estate agent with deep local knowledge can provide insights that national statistics can’t. They’ll help you understand:

• Neighborhood-Specific Trends: Where inventory is growing fastest and how prices are responding.
• Best Timing: When to make your move based on local demand and seasonality.
• Smart Strategies: How to craft competitive offers while protecting your financial interests.

Whether you’re a first-time buyer or someone re-entering the market, a skilled agent ensures you’re not just finding a home, but the right home.

What This Means for You

The combination of increased inventory and slower price growth creates an ideal environment for buyers ready to take the next step. Here’s how to make the most of it:

1. Expand Your Search: With more homes on the market, you might find a hidden gem in neighborhoods or areas you hadn’t considered before.
2. Work with a Pro: Partner with an experienced agent who knows how to navigate this evolving market and secure the best deal.
3. Focus on Your Goals: Whether it’s finding a forever home or an investment property, keep your priorities at the forefront as you explore your options.

Bottom Line

More homes on the market and slower price growth are creating opportunities for buyers that we haven’t seen in years. If you’ve been on the fence about purchasing a home, now is the time to take action. With the guidance of a knowledgeable real estate professional, you can find a home that fits your lifestyle and budget—without the stress and urgency that defined the market in the past.

Let’s connect today to explore your options and turn this evolving market into an opportunity for you. At Elite Realty Group by Redfin, we’re here to guide you every step of the way. Together, we’ll elevate your home-buying experience. realtor, best agent, real estate, Southlake, Keller, Haslet, home buyer, home seller, home value, Trophy Club, Fort Worth, new home, house, home selling, seller tips, 4wheeltorhomes, 4wheeltor, Crystal Zschirnt, Westlake, Roanoke, Justin, Northlake, Flower Mound, Argyle, Texas

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