If you’ve been house hunting, you know the challenges. Higher prices, rising mortgage rates, and limited options have made it tough. It’s easy to feel like your dream home is out of reach.
But here’s the silver lining. More homes are now available, whether you’re looking at existing homes or new builds. With increased inventory, you have a better shot at finding a home that fits your needs and budget.
1. More Homes, More Choices!
Good news for homebuyers. There are 22% more existing homes on the market compared to last year according to Realtor.com. And it is only getting better. Experts forecast inventory to grow another 11 to 15% this year giving you even more options to find the perfect home (see graph below):
Why is this great for your home search? If you haven’t come across a home that meets all your needs, don’t lose hope! More homes are coming on the market, which means more choices and a higher chance of finding the perfect fit. As Ralph McLaughlin, Senior Economist at Realtor.com, explains:
“It could be a particularly good time to get out into the market . . . you’re going to have more choice. And that’s not something that buyers have really had much over the past several years.”
2. More New Homes Are Hitting the Market
Right now, roughly one in three homes for sale, or 31.1%, are newly built according to the Census and National Association of Realtors (NAR). That is higher than usual (see charts below), but do not worry. Builders are not overproducing. Instead, they are finally catching up after years of building too few homes. If you have been considering a new construction home, now might be a great time to explore your options!
Think new construction is out of your budget? Think again. With builders focusing on smaller, more affordable homes, new builds might be cheaper than you expect. Many buyers assume they’re way more expensive, but that’s not always the case. As CNET puts it:
“If you live in an area where there’s a lot of new construction happening . . . you might be able to purchase a new house for a price similar to or even less than a pre-owned one.”
If you haven’t been able to find the right home in your price range, it’s worth asking your agent about new builds. You might be surprised at what’s available.
Bottom Line
The right options could help you unlock your perfect home in 2025. Let’s connect and see what’s out there in and around our area to make it happen!