Is it Wise?

Are you wondering if you should buy a house now or wait for a recession?

In this article, I explain if you should wait until 2024 or buy your home this year.

So, let’s dive into it right now!

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If you tried to buy a home during the pandemic, you know the limited supply of homes for sale was a considerable challenge. It created intense bidding wars which drove home prices up as buyers competed with one another to be the winning offer.

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But what was once your greatest challenge may now be your greatest opportunity. Today, data shows that buyer demand is moderating in the wake of higher mortgage rates. Here are a few reasons why this shift in the housing market is good news for your homebuying plans.

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The Challenge

There were many reasons for the limited number of homes on the market during the pandemic, including a history of underbuilding new homes since the market crash in 2008.

The housing supply is well below what the market has seen for most of the past 10 years.

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The Opportunity

There is a trend that is headed in the right direction this year. That’s because moderating demand is slowing the pace of home sales and that is one of the reasons housing supply is finally able to grow.

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For you, this means you’ll have more options to choose from! So it shouldn’t be as difficult to find your next home as it has been recently and having more options may also lead to less intense bidding wars.

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Data from the Realtors Confidence Index from the National Association of Realtors (NAR) shows this trend has already begun. In their recent reports, bidding wars are easing month-over-month.? We went from 5.5 offers per home in April to 3.4 offers per home in June.

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If you’ve been outbid before or struggled to find a home that meets your needs, breathe a welcome sigh of relief. The big takeaway here is that today you have more options and less competition.

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Just remember, while easing, data shows multiple-offer scenarios are still happening – they’re just not as intense as they were over the past year. You should still rely on an agent to guide you through the process and help you make your strongest offer upfront.

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Recently I listed a house and received a sight unseen offer the very same day. My client ended up selecting another offer we received the same week. As a result, this particular property was under contract just 48 hours after being on the market!

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If you’re still looking to make a move, it may be time to pick your home search back up today. Let me help kick off the homebuying process, please contact me today.

Thank you for reading!

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