Is the Shifting Market a Challenge or an Opportunity for Homebuyers?
By Joanne Gillet EdgeOfTheBeach.com, Experience is not expensive. It is Priceless!
(Edge Of The Beach Realty)
Article reprinted from Keeping CurrentIf you tried to buy a home during the pandemic, you know the limited supply of homes for sale was a considerable challenge. It created intense bidding wars which drove home prices up as buyers competed with one another to be the winning offer.But what was once your greatest challenge may now be your greatest opportunity. Today, data shows buyer demand is moderating in the wake of higher mortgage rates. Here are a few reasons why this shift in the housing market is good news for your homebuying plans.The ChallengeThere were many reasons for the limited number of homes on the market during the pandemic, including a history of underbuilding new homes since the market crash in 2008. As the graph below shows, housing supply is well below what the market ...
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