More Choices, Better Prices: Why Now is a Smart Time to Buy a Home

If you’ve been thinking about buying a home, there’s good news: right now, there are more homes on the market than we’ve seen in recent years. This increase in inventory could be a game changer, especially for buyers who may have felt rushed or outpriced in the competitive market of recent years. With more options and slower price growth, the current housing market could provide the perfect opportunity to find the home of your dreams.

Let’s dive into the two main reasons why this market shift could benefit you if you’re ready to buy a home.

1. More Options Mean Better Choices

A recent report from Realtor.com highlights just how significant the increase in homes for sale has been. According to their October 2024 data, there were 29.2% more homes actively for sale on a typical day compared to the same time last year. This increase marks twelve consecutive months of annual inventory growth and brings the market to its highest level since December 2019.

While we’re still not seeing pre-pandemic levels of housing supply, the rising inventory provides buyers with greater choices. Hannah Jones, Senior Economic Research Analyst at Realtor.com, notes that although supply is not fully back to what it was before the pandemic, this growth means more options for today’s buyers.

More options don’t just increase the chances of finding a home that suits your needs—they also ease some of the pressure that buyers often feel in a competitive market. In the recent past, limited inventory and high demand forced buyers to make swift decisions, sometimes settling on a home that wasn’t quite right for them. Now, with more options, buyers can take their time to evaluate each home, compare properties, and find a place that truly meets their criteria.

Additionally, having more homes to choose from reduces the level of competition among buyers. This is especially beneficial if you’ve been hesitant to enter the market due to fears of intense bidding wars and rapid price increases. A more balanced supply of homes means less of a rush and, potentially, a less stressful buying experience.

2. Slower Home Price Growth Brings Affordability

When homes were in short supply, buyers had to outbid one another, driving prices up quickly. In many areas, this fierce competition made homeownership feel out of reach for many. However, the recent increase in available homes has started to slow the pace of price growth, offering new opportunities for affordability.

In some markets, housing inventory has returned to pre-pandemic levels, which is contributing to slower or even stagnant price growth. According to Lance Lambert, Co-Founder of ResiClub, many housing markets where active inventory has returned to 2019 levels have seen home price growth slow or decline from the peaks of 2022. This cooling effect gives buyers a better chance to purchase a home within their budget.

In fact, Dr. Anju Vajja, Deputy Director at the Federal Housing Finance Agency (FHFA), recently noted that for the third consecutive month, U.S. home prices have shown little movement. Relatively flat prices mean that more people can consider buying a home, as the financial demands are less intense compared to recent years. The slower price growth could potentially ease the burden for first-time buyers and others who are concerned about affordability.

It’s essential to remember, though, that these trends may vary by location. Some areas may experience more inventory and slower price growth, while others may still face supply constraints and higher prices. This is why working with a knowledgeable real estate agent can be incredibly valuable. An experienced agent who understands your local market can provide insights into current trends, ensuring that you make informed decisions that align with your needs and budget.

The Bottom Line: Your Opportunity to Find the Perfect Home

The increase in available homes and the moderation in price growth present a unique opportunity for buyers ready to make a move. Not only do you have more options to choose from, but you also have a better chance of finding a home within your price range, without the pressure of a frenzied market.

If you’ve been waiting for the right time to buy, now could be an ideal moment. The current market dynamics could make it easier for you to find a property that aligns with your lifestyle, needs, and budget. But remember, every market is different, so a local real estate agent can help you understand what’s happening in your area and how to make the most of it.

Buying a home is one of life’s biggest decisions, and having the right information—and the right team to guide you—can make all the difference. If you’re ready to explore the market, consider reaching out to a trusted real estate professional. They can provide the insights and guidance you need to navigate the market with confidence and make the most of the opportunities available today.

Whether you’re a first-time buyer or looking to upgrade your current living situation, now is a time to explore your options and take advantage of a housing market that offers more choices and slower price growth. Your dream home might just be waiting for you—now’s the time to find it.