3 Trends That Are Good News for Today’s Homebuyers

As the market has cooled this year, some of the intensity buyers faced during the peak frenzy of the pandemic has cooled too. Here are just a few trends that may benefit you when you go to buy a home today. 

1. More Homes To Choose from 

According to Calculated Risk, the supply of homes for sale increased by 39.5% for the week ending October 28 compared to the same week last year. Even though it’s still a sellers’ market and supply is still lower than more normal levels, you have more to choose from in your home search. That makes finding your dream home a bit less difficult. 

2. Bidding Wars Have Eased 

According to the National Association of Realtors (NAR), the average number of offers on recently sold homes has declined. This September, the average was 2.5 offers per sale. In contrast, last September, the average was 3.7 offers per sale. If you tried to buy a house over the past two years, you probably experienced the bidding war frenzy firsthand. Now you have a chance to jump back into the market and enjoy searching for a home with less competition. 

3. More Negotiation Power 

The latest data from the National Association of Realtors (NAR) shows the percentage of buyers waiving contingencies is going down. And a survey from realtor.com confirms more sellers are accepting offers that include contingencies today. According to that report, 95% of sellers said buyers requested a home inspection, and 67% negotiated with buyers on repairs as a result of the inspection findings. If you were outbid or had trouble finding a home in the past, now may be the moment you’ve been waiting for. DM me to start the homebuying process today. 

 

 

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