Why You Want To Start Your Home Search Today

If you’re thinking about buying a home in Central Utah, there are a lot of factors you feel you need to think about. With higher interest rates, home prices, and more and more people choosing to opt out of the housing market for now, it can be a bit overwhelming. 

However, while there are a lot of potential buyers waiting things out, there is no better time for those serious about buying a home now to jump in with both feet. 

This year alone, homes for sale has increased. That makes things a lot easier to find your dream home, and for a lower price. And while there are always reasons that pop up as to why you would put off making a big decision like buying a home, there are considerably more reasons to move forward. 

And with the amount of available homes continuing to grow, what you’re looking for may be a lot easier than you think.

What’s Causing Housing Inventory To Grow?

We are continually getting an updated picture of why there are more houses on the market today, and why that number continues to grow as the year goes on. 

Bill McBride, author of Calculated Risk said it best:

“We are seeing a significant change in inventory, but no pickup of new listings. Most of the increase in inventory so far has been due to softer demand – likely because of high mortgage rates.”

Basically, the reason why there are more homes on the market is because there are more active listings staying on the market longer than is has within the last couple of years. You compare this with just how things were in St. George just last year, where attempting to keep more than 500 active listings within a week was a challenge, there is a sense of stabilization because of current interest rates.

Why This Growth Is Good For You

Despite the news of higher interest rates, the increase in supply is actually good news for home buyers. A larger supply of homes means that you have more choices as you choose your next home. 

This article from realtor explains just how big the growth in house inventory has been and why, exactly, it is a good thing:

“Nationally, the inventory of homes actively for sale on a typical day in July increased by 30.7% over the past year, the largest increase in inventory in the data history and higher than [June’s] growth rate of 18.7% which was itself record-breaking. This amounted to 176,000 more homes actively for sale on a typical day in July compared to the previous year and more choice for buyers who are still looking for a new home,”

The growth this year alone is good news for you, particularly if you have been having a hard time finding a home that meets your wants and needs. If you start your search today, those new options make it a lot easier to find a home than last year or the year before.

All-in-all

If you’re ready to jump into the market and take advantage of the growing number of homes on the market here in Central Utah, contact me today! Let’s get you the keys to your new home!