Rising Inventory Means This Spring Could Be Your Moment

Want to know two reasons this spring might finally be your time to buy? Inventory has grown and sellers may be more willing to negotiate as a result. That means youve got more options and more power than buyers have had in years. Lets break it down.

1. You Have More Homes To Choose From

The number of homes for sale this February was higher than its been in any of the past five Februarys and thats great news for your home search. The graph below uses the latest data from Realtor.com to show the supply of homes on the market has grown by 27.5% in just the last year:

More choices for your search is a good thing and experts also say that inventory is projected to continue rising this year, which is even better. It means it should be easier to find something that checks your most important boxes. But thats not all this does for you. Danielle Hale, Chief Economist at Realtor.com, explains some of the other perks of more inventory, beyond just having more homes to consider:

Buyers will not only have more home options . . . but they are also likely to find somewhat lower asking prices and more time to make decisions all buyer-friendly factors as we inch closer to the busy homebuying season.

2. You May Find Sellers Are Doing Price Cuts

Now that buyers have more options, some homes are sitting on the market a little longer especially those that were priced too high from the start. And the result is more sellers are having to drop their prices to draw buyers back in. Just take a look at the numbers.

According to Realtor.com, the number of listings with price reductions has gone up compared to the last few years (see graph below):

This is a sign sellers are more willing to compromise today. If you look back to more normal years in the market (20172019), youll see that the number of price cuts happening today is much closer to whats typical and for most buyers, thats a big relief.

What does that mean for you? It could give you a better chance to negotiate whether thats on price, closing costs, or even repairs. While not every seller will adjust their price, more of them are willing to do it giving you more leverage than buyers have in quite a while.

Bottom Line

If youve been on the sidelines, waiting for the right time to buy, this spring could be the opening youve been hoping for.

Of course, every market is different, and working with a local expert can help you work through your options. If you want to talk about whats happening in your area or get started on your home search, connect with a local real estate agent.

How does todays rising inventory impact your homebuying plans?