The housing market is changing in the second half of 2024, and this might be the perfect time for you to dive back into your home search. Here are four reasons why now could be a great opportunity to find your dream home.
1. The Supply of Homes for Sale Is Growing
One of the biggest changes this year is the increase in the number of homes for sale. If you look at data from the National Association of Realtors (NAR), you’ll see that inventory has grown throughout 2024.
More homes on the market mean you have a better chance of finding one that suits your needs and preferences. If you’ve been holding off on your home search because you couldn’t find the right home, this increase in supply is a big relief.
2. There’s More New Home Construction
If you’re not finding an existing home you like, there’s good news: new home construction is on the rise. Builders have been working hard to increase the supply of newly built homes this year, focusing on smaller, more affordable options that meet the needs of today’s market.
According to data from the Census and NAR, one in three homes on the market is now a newly built home. If you haven’t considered new homes, you might be missing out on a third of your potential options. Plus, some builders offer incentives like buying down mortgage rates, making it easier to get a home within your budget.
Talk to your agent about what new homes are available in your area. They can give you insights into builder reputations and help you navigate contracts.
3. Less Buyer Competition
With mortgage rates still around 7%, buyer demand isn’t as intense as before. Combine this with more homes on the market, and you’re less likely to face fierce bidding wars. Danielle Hale, Chief Economist at Realtor.com, notes that the second half of 2024 could offer better conditions for home shoppers as inventory reaches five-year highs.
This creates a unique opportunity to find a home you love with less stress and possibly at a better price.
4. Home Prices Are Moderating
After years of rapid price increases, home prices are starting to moderate. This is a welcome change for buyers priced out of the market in recent years. With prices leveling, now might be a more affordable time to buy a home.
The housing market in the second half of 2024 presents some exciting opportunities. With more homes for sale, increased new home construction, less buyer competition, and moderating prices, it’s a great time to jump back into your home search. So, get in touch with your real estate agent, start exploring your options, and you might just find your dream home sooner than you think.
Source: Keeping Current Matters
