With the Shifting Market is it a Challenge or an Opportunity for Homebuyers?
If you tried to purchase a home during the pandemic, you know the limited supply of homes for sale was a considerable challenge. Cynthia Eastwood - President/Broker of Bello Sol Inc-West USA Realty of Prescott states. 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 markets is good news for your homebuying plans. The Challenge There 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, the housing supply is well below what the market has seen for most of the past 10 years ( see graph below ): The Opportunity But that graph also shows a trend back up in the righ
