Paused Your Moving Plans? Here’s Why It Might Be Time To Hit Play Again
Last year, 70% of buyers abandoned their home search – and maybe you were one of them. It makes sense. Inventory was low, prices were high, and mortgage rates were up and down like a rollercoaster. All of that made it really hard to find a home you loved – and could afford.
But guess what? The market is shifting.
So, if you paused your moving plans in 2024, it might be time to hit play again. Here’s why.
More Inventory Opens Up More Options
Even if you could make the numbers work, the lack of available homes in recent years probably made it hard to come by something that fit your needs. But inventory is rising, which means you have more options now.
According to Realtor.com, inventory has jumped 27.5% since this time last year (see graph below):
So, if you were reluctant to list your house because you weren’t sure where you’d go if it sold, you have more choices than you did a year ago. That’s a big win.
Homes Are Staying on the Market Longer, Too
When the supply of homes for sale is low, they’re snatched up quickly because there just aren’t enough of them to go around. And a few years ago, that meant your house could sell overnight. While that’s not always a bad thing, if you’re planning a move and also need to find your next home, a slower pace isn’t the end of the world. In fact, it’s welcome relief.
Now that inventory has grown, homes are staying on the market longer, meaning you don’t have to feel as rushed in the process (see graph below):
The latest data shows the typical time homes spent on the market went up by about 8% this year – that’s higher than we’ve seen since 2020, but still a faster pace than before the market ramped up. And it’s about a week longer than last year. Talk about a sweet spot for movers. It may seem like just a few days, but it gives you more flexibility and time to be thoughtful about your decisions. As Hannah Jones, Senior Economic Research Analyst at Realtor.com, notes:
“There are more homes for sale than in the last few years, which means the market pace is a bit more manageable–with longer days on market–and many sellers are more flexible . . . Though buyers face still-high housing costs, they may find a bit more give in the market, which could give them more time to make a decision, even in the busy spring and summer months.”
And if you’re thinking – but wait – doesn’t that mean it will be harder to sell my house? Don’t worry. With inventory still almost 23% below the pre-pandemic norm, well-priced homes are selling, especially as more buyers step back into the game this season.
With growing inventory, sellers who want to upgrade, downsize, or relocate have more choices. Plus, with less pressure to rush into an offer, it could be a great time to revisit your home search if you’ve put it on hold.
With more homes on the market and more time to make decisions, what else do you need to see in order to kickstart your home search again? Let’s talk about what’s happening in our local market right now.
Paused Your Moving Plans? Here’s Why It Might Be Time To Hit Play Again
The past few years have been a whirlwind for the housing market. If you hit the brakes on your moving plans, you weren’t alone. Many buyers struggled to find a home that met their needs due to tight inventory, soaring home prices, and fluctuating mortgage rates. But things are changing.
A market shift is happening, and if you’ve been waiting for the right moment, this could be your golden opportunity. Whether you’re looking to list your house, find your next home, or explore West Palm Beach refinancing options, let’s dive into why now might be the perfect time to get back in the game.
More Homes For Sale Means More Choices
One of the biggest challenges for buyers over the last few years has been the lack of available homes. A low supply of homes for sale made competition fierce, leading to bidding wars and skyrocketing inventory prices. But today, that landscape is shifting.
According to Realtor.com, there are more homes for sale than last year, with inventory up by over 27.5%. That means more choices, less pressure, and a higher likelihood of finding a property that fits your lifestyle. Whether you’re upgrading, downsizing, or relocating, the expanded selection of homes on the market is a huge advantage.
A More Manageable Market Time
During the peak of the frenzy, homes for sale were snapped up almost instantly. This made it incredibly difficult for buyers to take their time when making a decision. Now, thanks to rising inventory, days on market have increased, giving you a much-needed breather.
The latest trends indicate that homes on the market are sitting about a week longer than last year. While that may not seem like much, it can make all the difference when it comes to securing a great deal. A slower market time also benefits sellers who may need more flexibility in transitioning to their next home.
Well-Priced Homes Are Selling Faster
If you’re wondering, “Is it still a good time to sell my house?” the answer is a resounding yes. Even with more homes for sale, demand remains strong—especially for properties that are priced competitively. With home prices stabilizing and mortgage rates fluctuating, buyers are looking for great deals. If your property is positioned well in the local market, it won’t sit for long.
The Role of Mortgage Rates in Today’s Market
One of the biggest reasons buyers paused their home search last year was the unpredictable nature of mortgage rates. Interest rates went on a rollercoaster ride, leaving many uncertain about affordability. While rates are still fluctuating, they remain lower than historical peaks, creating opportunities for affordable West Palm Beach home loans and best mortgage rates in West Palm Beach.
For those considering a home purchase, working with a West Palm Beach mortgage broker or consulting local mortgage lenders in West Palm Beach can help you secure the best financing options. Additionally, using West Palm Beach mortgage calculators can give you a clearer picture of what you can afford in today’s local market.
The Advantages of Shopping in the Spring and Summer Market
The spring and summer market has historically been one of the busiest times for real estate. Warmer weather and longer daylight hours encourage more buyers to jump back into their home search. This also means increased competition, but with more homes for sale, you won’t be as constrained as in previous years.
For first-time home buyer loans in West Palm Beach, timing your purchase during this season could provide access to better properties and loan options. Similarly, if you’re interested in West Palm Beach refinancing options, now is an excellent time to explore lower rates and improve your financial standing.
Relocating? West Palm Beach Has Plenty to Offer
If you’re thinking about relocating, whether for work, lifestyle, or retirement, West Palm Beach is an attractive destination. With its coastal charm, strong job market, and diverse real estate options, this area offers plenty of opportunities for new homeowners.
Working with a commercial mortgage broker in West Palm Beach or a West Palm Beach mortgage broker can make all the difference when securing financing for investment properties, vacation homes, or permanent residences.
What This Means for Our Local Market Right Now
Real estate is hyper-local. While national trends provide a general picture, what’s happening in our local market right now is what truly matters. Sellers are finding that well-priced properties are still moving, while buyers are benefiting from increased inventory and more breathing room to make decisions. Housing costs are still a factor, but with more negotiation power, buyers can lock in favorable terms.
The Bottom Line
The pre-pandemic norm of the housing market may not be fully back, but conditions have certainly improved for those looking to make a move. Whether you’re looking to find your next home, list your house, or explore property loan advice in West Palm Beach, now is the time to act.
With a shifting housing market, increased inventory, and stabilizing mortgage rates, what else do you need to see to restart your home search? Let’s discuss how you can take advantage of these changes today.
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