There’s no denying that we’re in a tough market for buyers. With historically low inventory, high competition, and rising prices, finding a home has been a real challenge.
But buyers, get ready, because it looks like things are about to get at least slightly better for people searching for a home.
According to data outlined in a recent realtor.com article, about 10 percent of homeowners plan to list their home this year—with another 16 percent planning to list in the next 24 to 36 months. That translates to an additional 1.5 million homes hitting the market—which, while not enough to completely end the historic inventory shortage, is certainly a solid start.
Options for first-time buyers should also improve. More than half of the buyers planning to list their homes this year (58 percent) have homes valued at $350,000 or less—which means more affordable options should be hitting the market soon.
So, what does this mean for you? While lack of inventory and high competition has made for a challenging market for buyers, more sellers are preparing to list their homes—and when they do, things should get a bit easier for buyers.