Do you want to discover two reasons why this spring could finally be the time to buy? Inventory has increased, and sellers may be more eager to negotiate as a result.
That gives you more alternatives and power than buyers have had in years. Let us break it down!
1. You Have More Homes to Choose From!
The number of properties for sale in February was more than in any of the previous five Februarys, which is excellent news for your home hunt.
The graph below uses the most recent data from Realtor.com to show how the supply of properties on the market has increased by 27.5% in only the previous year:
More options for your search are a good thing, and experts predict that inventory will continue to rise this year, which is even better. It should be easier to identify anything that meets your most critical criteria. However, this is not the only benefit you receive.
Danielle Hale, Chief Economist at Realtor.com, highlights some of the other benefits of increased inventory, aside from having more houses to consider:
2. You May Find Sellers Are Doing Price Cuts
Now that buyers have additional options, some properties are staying on the market for a little longer, particularly those that were priced excessively high from the beginning. As a result, more sellers are having to lower their prices to get buyers back in. Just look at the numbers.
According to Realtor.com, the number of listings with price decreases has increased over the last few years (see graph below):
This indicates that sellers are more willing to compromise today. If you go back at more usual market years (2017-2019), you'll notice that the number of price cuts happening now is considerably closer to what's customary - which is a huge comfort for most consumers.
What does this mean to you? It may provide you a greater opportunity to haggle - whether on pricing, closing costs, or even repairs. While not every seller would change their price, a growing number of them are willing to do so, providing you greater bargaining power than buyers have had in years.
Bottom Line
If you've been waiting for the proper time to buy, this spring may be the opportunity you've been looking for.
Of course, every market is unique, and engaging with a local specialist can help you navigate your possibilities.
If you want to discuss what's occurring in Arkansas or your region to get started on your house search, contact Arkansas Real Estate Collective today to discuss your choices!
