Right Now May Be the Best Time For Homebuyers In 5 Years | Living In Phoenix Arizona
RIGHT NOW MAY BE THE BEST TIME FOR HOMEBUYERS IN 5 YEARS
LIVING IN PHOENIX, ARIZONA
Right Now May Be The Best Time For Homebuyers In 5 Years
If you’ve been holding off on buying a home, the waning weeks of 2024 might be your moment.
Rising home prices, scarce housing stock, and relentless mortgage rates have made for a tough real estate market.
But now, the tide is starting to turn, and the end of the year is turning into the most buyer-friendly market we’ve seen in a long time. Five years to be exact—before the COVID-19 pandemic turned the real estate market into a wild roller-coaster ride that came to an abrupt halt when mortgage rates doubled.
So what’s changed lately?
We break it down below so you can seize the moment before the balance tips back.
The Housing Stock Is Way Up
The level of housing stock is one of the biggest indicators of the kind of housing market buyers and sellers are in.
And now, buyers have more housing choices than they’ve had since 2019.
There is roughly 4.3 months of inventory on the market, according to the latest data from the National Association of Realtors®.
“This is the longest stint of four-plus months of supply in five years,” says Hannah Jones, Realtor.com® senior economic research analyst.
That’s a huge shift from the conditions buyers have faced recently. And while it’s true that the number of homes on the market is due in part to slower sales activity, there are plenty of fresh listings to choose from.
In fact, new listings rose by 4.9% from the previous year.
Why More Housing Stock Matters
More homes for sale indicates a basic economic principle of supply and demand. For the past few years, there haven’t been as many homes on the market to meet the pent-up desire for housing stock.
“Those days are over,” says real estate professional and attorney Bruce Ailion, of Re/Max Town & Country in Atlanta.
“For years, buyers have complained there is no selection, inventory is so slim that multiple offers above list price is the only way to get a home, and too often, they had to compromise just to buy,” adds Ailion.
When inventory rises, buyers gain an incredible advantage.
“More homes on the market mean more choices, which is crucial for finding the right property with the features and amenities you want,” says Mike Wall, CEO of eXp Realty/EZ Sell Homebuyers in Dayton, OH.
A family he recently worked with had a specific wish list, including a large backyard for their kids, a home office, and a finished basement.
“In a tighter market, they might have had to compromise on one or more of those features,” says Wall. “But with today’s higher inventory, they were able to tour multiple homes that met their criteria. Ultimately, they landed a property that checked every box—without exceeding their budget.”
