At Inman Connect Las Vegas, July 30-Aug. 1, 2024, the noise and misinformation will be banished, all your big questions will be answered, and new business opportunities will be revealed. Join us.
Homeownership has long been a cornerstone of the American Dream and — despite recent economic challenges — it remains a sought-after goal for most Americans. Concerns over current market conditions, such as high interest rates, rising home prices and limited inventory, have served as barriers, keeping sellers on the fence and leaving buyers hesitant to enter the market.
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However, according to LendingTree data, 84 percent of young Americans who don’t own a home express a desire to buy one in the future, underscoring the enduring appeal of homeownership coupled with strong demand. So, what should prospective homebuyers do?
Recent reports from RE/MAX show steady growth in home sales and new listings, and there might even be some stabilization in home prices. According to the latest National Housing Report, the number of newly listed homes in May 2024 increased by 15.1 percent compared to last year. Home sales are also climbing, with an almost 11 percent increase from April.
While we typically see more sales before summer, the consistent upward trend over the past four months suggests the market is in good shape. Plus, we’ve had one of the biggest year-over-year jumps in inventory, with a 39.6 percent increase from May 2023. This means there are more homes available, which is great news for buyers.
Amid the evolving housing landscape, many are left asking, “Should I buy now or wait?” Unfortunately, there’s no one-size-fits-all answer. As real estate professionals, it’s our job to steer clients through the homebuying process, educate them on the intricacies of the local market and help them determine the right time to buy a home.
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