Why you may want to start your home search today in Fort Lauderdale
If you’re considering buying a home in the Fort Lauderdale local area, you may be weighing all your options, like your current needs against higher mortgage rates, and today’s home prices, and trying to decide if you want to jump into the market. While some folks may wait things out, there’s a reason serious buyers are making moves right now, and that’s the growing number of homes for sale.
In the Calendar year, 2022 housing inventory has been increasing and that’s making the prospect of finding your home less difficult. While there are always reasons to delay your decision, there are also always reasons to consider moving forward. And having a growing number of options for your home search in the Fort Lauderdale area may be exactly what you needed to feel more confident in making a move.
What’s Causing Housing Inventory To Grow?
As new data comes out, we’re getting an updated picture of why the housing supply is increasing this year. As Bill McBride, Author of Calculated Risk, explains:
“We are seeing a significant change in inventory, but no pickup in new listings. Most of the increase in inventory so far has been due to softer demand – likely because of higher mortgage rates.”
Basically, the inventory growth is primarily from homes staying on the market a bit longer (known as active listings). And that’s happening because higher mortgage rates and home prices have helped moderate the peak frenzy of buyer demand.
The graph uses data from realtor.com to show how many active listings have risen over the past five months a result (shown in green):
Why This Growth In Fort Lauderdale Is Good News For Buyers
No matter where the source is from the increase in available housing supply is good news for buyers. More housing supply actively for sale in Fort Lauderdale means you have more options in your search for your next home. A recent article from realtor.com talks about how consequential the inventory growth has been and why it’s good news for home buyers today.
“Nationally, the inventory of homes actively for sale on a typical day in July increased by30.7% over the past year, the largest increase in inventory in the data history and higher than last month’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 is certainly good news for home buyers, especially those who had trouble finding a home that meets their needs. If you start your search today, those additional options should make it less difficult to find a home than it would have been over the past two years.
If you’re ready to jump into the Fort Lauderdale Area Real Estate Market and take advantage of the increasing supply of homes for sale, let’s connect today. The opportunity is knocking, will you answer?
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