Looking for two reasons why this spring could be the perfect time for you to buy? First, there’s an increase in inventory available on the market. Second, sellers may be more open to negotiation because of this. This gives you a wider range of choices and more leverage than buyers have experienced in quite some time. Let’s dive into the details.

1. You Have a Wider Selection of Homes

This February saw a higher number of homes for sale compared to the last five Februaries, which is fantastic news for anyone searching for a home. According to recent data from Realtor.com, the supply of homes on the market has increased by 27.5% over the past year, as illustrated in the graph below:

Having more options in your home search is definitely a plus. Experts indicate that inventory is set to keep increasing this year, which is a positive sign. This should make it easier for you to find a property that meets your essential criteria. But that's not the only benefit of having more inventory. Danielle Hale, Chief Economist at Realtor.com, highlights additional advantages beyond just the increased number of homes to explore.

““Buyers will not only have more home options . . . but they are also likely to find somewhat lower asking prices and more time to make decisions – all buyer-friendly factors as we inch closer to the busy homebuying season.”
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— Danielle Hale, Chief Economist at Realtor.com

2. Sellers May Be Reducing Prices

With more options available to buyers, some homes are staying on the market longer, particularly those that were initially priced too high. As a result, many sellers are finding it necessary to lower their prices to attract buyers again. Let’s examine the figures.

Realtor.com reports that there’s been an increase in listings with price reductions compared to the past few years.

Sellers seem to be more open to negotiations these days. If you compare the current market to the more standard years of 2017 to 2019, you'll notice that the number of price reductions now is much more in line with what we usually see. For buyers, that's definitely a welcome change.

What does that mean for you? It might give you a better opportunity to negotiate, whether it’s on the price, closing costs, or repairs. While not every seller will lower their price, many are open to it, which gives you more leverage than buyers have had in a while.

Bottom Line

If you've been holding off on buying a home, this spring might be just the chance you've been waiting for.

Every market has its unique characteristics, and having a local expert by your side can guide you through your choices. If you're interested in discussing the current situation in our area or if you're ready to start your home search, feel free to reach out.

How is the increase in available homes affecting your plans to buy a house?