$\"Is$ \n

After years of it feeling almost impossible to find a home you want to buy, things are changing for the better. <\/strong><\/p>\n

Nationally, inventory is growing, and that gives you more options for your move. But here\u2019s what you need to know. That level of growth is going to vary based on where you live. And that\u2019s why you need an agent\u2019s local market expertise.<\/p>\n

Here\u2019s a quick rundown of the current inventory situation, so you know what\u2019s happening and what to expect.<\/p>\n

Significant Growth Across the Nation<\/strong><\/h4>\n
Nationally, the number of homes for sale is rising \u2013 and that\u2019s true in all regions of the country. That\u2019s shown in this data<\/a> from Realtor.com<\/em>. In each of the four regions, inventory is up at least 19% compared to the same time last year. In the West, it\u2019s actually up almost 41% year-over-year (see graph below<\/em>):<\/p>\n
$\"a$ <\/a>There are two main reasons for this increase:<\/p>\n
\n
More sellers are listing their homes.<\/strong> Many homeowners have been waiting for mortgage rates to drop before making a move. Now, some have decided they can\u2019t wait any longer. May had more new listings<\/a> than any May in the past three years.<\/li>\n
Homes are taking longer to sell.<\/strong> That means listings are staying on the market longer, which increases the total number of homes available. In May, the typical home took 51<\/a> days to sell \u2013 much closer to what\u2019s more typical for the market.<\/li>\n<\/ul>\n
More homes for sale helps the market become more balanced. For the past few years, sellers have had the upper hand. Now, things are shifting. Nationally, it\u2019s not a full-on buyer\u2019s market yet, but it\u2019s heading toward a healthier place, especially for homebuyers. Danielle Hale, Chief Economist at Realtor.com<\/em>, explains<\/a>:<\/p>\n
\u201cThe number of homes for sale is rising in many markets, giving shoppers more choices than they\u2019ve had in years . . . <\/em>the market is starting to rebalance.<\/em><\/strong>\u201d<\/em><\/p><\/blockquote>\n
How Much Growth We\u2019ve Seen Varies by Area<\/strong><\/h4>\n
But, how long it\u2019s going to take to achieve true balance is going to vary by area. Some parts of the country are seeing inventory bounce all the way back to normal levels, while others haven\u2019t grown quite that much yet.<\/p>\n
Let\u2019s take a look at another graph. This time, we\u2019ll compare the current data (what you already saw<\/em>) to the last normal years in the housing market (2017-2019).<\/p>\n
In this comparison, the green shows which regions are back at more typical levels for inventory based on the growth we\u2019ve seen lately. The red shows where things have improved, but are still well below the norm (see graph below<\/em>):<\/p>\n
$\"a$ <\/a>Here\u2019s what that means for you. Across the board, you have more options now than you would\u2019ve just one year ago. And that\u2019s a really good thing. More choices means it should be a bit easier to find a home you love.<\/p>\n
But not all markets are the same \u2013 some will take a bit longer to get back to more typical levels. So, lean on a local agent to find out what the inventory situation looks like where you want to live.<\/strong> They\u2019ll be able to tell you how much growth they\u2019ve seen locally and how to tailor your home search based on what\u2019s available in that area. This is just one of the reasons a local agent\u2019s perspective matters.\u00a0<\/p>\n
Bottom Line<\/h3>\n
Inventory is getting better, but how long it takes to get back to normal is going to be different based on where you\u2019re looking to buy. Talk with a local real estate agent about what\u2019s happening in your local market and how it affects your next move.<\/p>\n
What\u2019s one thing you\u2019ve noticed lately that makes the market feel different than it did a year or two ago?<\/strong><\/p>\n<\/div>\n\n<\/body>","protected":false},"excerpt":{"rendered":"
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