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More Homes for Sale Isn't a Warning Sign – It's Your Buying Opportunity
Maybe you've heard the number of homes for sale has reached a recent high. And it might make you question if this is the start of another housing market crash.
But the reality is, the data proves that's just not the case. In most areas, more inventory isn't bad news. It's actually a sign of the market returning to a more stable, healthy place.
What's Going on With Inventory?
Based on the latest data from Realtor.com, inventory just hit its highest point since 2020, shown with the white line in the graph below.
But what you need to realize is, at the same time, inventory levels still haven't returned to pre-pandemic norms (shown in gray):
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Paused Your Moving Plans? Here's Why It's Time To Hit Play Again
It's not really a surprise that 70% of buyers paused their home search last year. Maybe you were one of them. And if so, no judgment. Conditions just weren't great.
Inventory was too low, prices were too high, and mortgage rates were bouncing all over. That made it really hard to find a home you loved – and could afford. And why sell if you're not sure where you're going to go?
But here's the thing: the market's shifting. And it might be time to hit play again.
The Inventory Sweet Spot
More homeowners are jumping back into their search to make a move this year. Builders are finishing more homes. And together,...
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What You Can Do When Mortgage Rates Are a Moving Target
Have you seen where mortgage rates have been lately? One day they go down a little. The next day, they go back up again. It can feel confusing and even frustrating if you're trying to decide whether now's a good time to buy a home.
Take a look at the graph below. It uses data from Mortgage News Daily to show that after a relatively stable month of March, mortgage rates have been on a bit of a roller coaster ride in April:
This kind of up-and-down volatility is e...
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Jason White's May 2024 Real Estate Market Analysis
The real estate market along the Emerald Coast is showing signs of resilience. Throughout the Destin and 30A submarkets, prices are flat to increasing despite lower to flat sales volume (the large increase in sales volume in 30A East is due to the closings in a completed Alys Beach condominium building.) The combination of stable to growing sales price and lower sales volume is unusual and points to two external forces and one internal force (that is starting to self correct.)
The two external forces are the return of mortgage rates to normal levels after an extended period of historically low rates and the normal behavior of buyers during presidential election years. Both of these factors have buyers sitting on the sidelines, one waiting for rates to come down and one waiting for the outc...
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Jason White's June 2024 Real Estate Market Analysis
Normally, those two statistics do not go together (lower sales volume and higher sales prices.) Last month, we discussed some of the reasons that explain why this is occurring: higher mortgage rates, Presidential election year pauses, and over-priced inventory in the market. Mortgage rates have not significantly reduced and the Presidential election isn't until November. If anything, the recent Presidential debate increased the amount of uncertainty. However, inventory pricing is showing...