Buyer Bright Spot: There Are More Homes on the Market
The past few years have been challenging for homebuyers, especially with higher home prices and mortgage rates. And if you’re trying to buy a home, it’s easy to worry you won’t be able to find something in your budget.
But here’s what you need to know. The number of homes for sale has grown a whole lot lately and that’s true for both existing (previously lived-in) and newly built homes. Here’s a look at those two bright spots for buyers right now and why they may make it a bit easier to find the home you’re been looking for.
1. There Are 22% More Existing Homes for Sale
Data from Realtor.com says the number of existing homes for sale improved by an impressive 22% in 2024. And experts say your pool of options is expected to get even better this year. Forecasts show inventory is projected to grow another 11-15% by the end of this year (see graph below):
Here’s why this is so good for your search. If you haven’t seen a house with all the features you need, just know that, as the number of homes for sale grows, you’ll have more options to choose from. That means a better chance of finding a home that checks all your boxes. As Ralph McLaughlin, Senior Economist at Realtor.com, says:
“It could be a particularly good time to get out into the market . . . you’re going to have more choice. And that’s not something that buyers have really had much over the past several years.”
2. There Are More Newly Built Homes on the Market
According to data from the Census and the National Association of Realtors (NAR), 31.1%, or roughly 1 in 3, homes on the market right now are newly built homes. That’s more than the norm (see charts below). But don’t worry, that’s not because builders are overdoing it – it’s just that they’re trying to catch up after years of underbuilding.
And the best part is, since builders have been focusing on smaller homes with lower price points, you may actually find out new builds are less expensive than you’d expect. So, while a lot of people write off new construction because it’s easy to assume the costs are way higher, lately, that price gap isn’t as big as you’d think. As CNET says:
“If you live in an area where there’s a lot of new construction happening . . . you might be able to purchase a new house for a price similar to or even less than a pre-owned one.”
If you haven’t been able to find a home that’s in your budget, it’s time to ask your agent about new builds. If you don’t, you may have been cutting your pool of options by about a third.
More choices could be the key to unlocking your homebuying goals in 2025. Reach out if you want to see what’s available in and around our area.
What features are you looking for in your next home? Let me know and I’ll put together a list of homes you’d love.
Buyer Bright Spot: There Are More Homes on the Market
The past few years have been a rollercoaster for homebuyers. Between rising home prices, fluctuating mortgage rates, and limited inventory, the dream of finding a home has felt like an uphill battle. But finally, a silver lining is emerging—the number of homes for sale is increasing, providing a welcome relief to those eager to buy a home. This shift in the housing market is creating opportunities for those ready to make a move in 2025.
A Surge in Existing Homes on the Market
If you’ve been tirelessly searching for the perfect place and coming up short, there’s good news. According to Realtor.com, the number of homes for sale has grown significantly, particularly for existing homes. In 2024, listings for pre-owned properties surged by an impressive 22%, and forecasts suggest that inventory could expand another 11-15% by the end of this year.
This increase means more choices, more chances to find a home that fits your needs, and less pressure to settle for something that doesn’t check all your boxes. As Ralph McLaughlin, Senior Economist at Realtor.com, puts it:
“It could be a particularly good time to get out into the market. You’re going to have more choice. And that’s not something that buyers have really had much over the past several years.”
With more homes on the market, buyers can take their time, compare options, and even negotiate better deals. If you’ve been on the fence about entering the housing market, now may be the time to take the leap.
The Benefits of Buying an Existing Home
Existing homes offer several advantages, especially for those who value charm, established neighborhoods, and mature landscaping. Many older homes have architectural details and craftsmanship that are hard to find in newly built homes. Plus, existing properties are often located in well-developed areas with schools, parks, and local businesses already in place.
Additionally, the process of purchasing an existing home can sometimes be quicker than new construction, which may still be under development. This makes existing homes a great choice for buyers looking to move in sooner rather than later.
The Rise of Newly Built Homes
Another exciting development? A significant uptick in newly built homes. Recent data from the Census and the National Association of Realtors (NAR) reveals that 31.1% of all homes on the market are new construction—a number far above the historical average.
But don’t assume that new construction is out of reach. Many builders are focusing on smaller homes with lower price points, making brand-new homes more accessible than ever. In fact, in some regions, purchasing a newly built home might be just as affordable—if not cheaper—than buying a pre-owned property. As CNET highlights:
“If you live in an area where there’s a lot of new construction happening, you might be able to purchase a new house for a price similar to or even less than a pre-owned one.”
Before ruling out new construction, take a moment to ask your agent about new builds. You might be pleasantly surprised by the affordability and advantages they offer, such as modern layouts, energy-efficient designs, and fewer maintenance concerns. If you’ve been struggling to find the home that fits your budget, this could be the solution.
Why Consider a Newly Built Home?
One of the greatest perks of newly built homes is the ability to customize your space. Many builders allow buyers to choose finishes, fixtures, and even floor plans, ensuring that the home fits their exact needs and tastes. New homes also come with the latest smart-home technology, eco-friendly features, and energy-efficient appliances, reducing long-term utility costs.
Additionally, buying a newly built home often means fewer repairs and maintenance expenses, as everything is brand new and under warranty. This can be a significant advantage for buyers who want a hassle-free living experience.
West Palm Beach: A Prime Spot for Buyers
If you’re house hunting in Florida, West Palm Beach is a market to watch. A variety of West Palm Beach mortgage broker services are available to help buyers navigate their options. Whether you’re searching for affordable West Palm Beach home loans, the best mortgage rates in West Palm Beach, or specialized financing options, there are plenty of resources to assist you.
For those considering their first home, first-time home buyer loans in West Palm Beach provide tailored solutions to make ownership attainable. And if you’re already a homeowner looking for better financial terms, West Palm Beach refinancing options could help you lower monthly payments or tap into home equity.
Smart Financing for Your Next Home
Navigating the financial side of homebuying can be overwhelming, but understanding your mortgage options is key to unlocking your homebuying goals in 2025. Whether you’re exploring loans through local mortgage lenders in West Palm Beach, using West Palm Beach mortgage calculators to estimate costs, or seeking expert property loan advice in West Palm Beach, being informed is your greatest asset.
If you’re diving into investment opportunities, consider working with a commercial mortgage broker in West Palm Beach to secure favorable financing for rental properties or business ventures. And for those ready to make an offer, obtaining mortgage preapproval in West Palm Beach can give you a competitive edge in this evolving housing market.
More Choices, More Opportunities
With more homes for sale, rising inventory, and an increasing number of newly built homes, the real estate landscape is shifting in favor of buyers. Whether you’re in search of existing homes, new construction, or an ideal financing package, the conditions are becoming more favorable for making a move.
If you’re ready to explore your options, now is the time. Whether it’s a curated list of homes that match your criteria or connecting with the right real estate agent for guidance, the opportunities are abundant.
Tips for Homebuyers in 2025
- Research Market Trends – Stay informed on home prices, mortgage rates, and local inventory to make the best decision.
- Get Preapproved – A mortgage preapproval in West Palm Beach can give you an advantage over competing buyers.
- Work with a Realtor – An experienced real estate agent can guide you through the process and help negotiate the best deal.
- Consider All Options – Whether it’s existing homes, newly built homes, or new construction, explore every avenue to find the home that fits your needs.
- Evaluate Financing – Compare loans from local mortgage lenders in West Palm Beach to secure the most competitive rates and terms.
Don’t let this moment pass—take advantage of this buyer bright spot and find the home that meets your needs today.
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