U.S. Housing Supply is Increasing Towards 2019 Levels

The above graph shoes the U.S. housing supply over time. The housing inventory bottomed out at 346, 514 homes for sale in February of 2022. This represents 248% increase in 39 months.
More Supply + Higher Rates = Price Adjustments
Because buyers now have more choices than 39 months ago, sellers need to make sure that their homes stand out in order to be competitive. Sellers also need to realize that purchasing a home with a mortgage is significantly more expensive for buyers than it was 39 months ago when interest rates were much, much lower.
We discussed in a previous article that U.S. mortgage starts are much lower as well.
When purchasing in such a market, consider using a buyer's agent that understands how to properly value the home that is listed for sale and can help to you to narrow down the list of homes that are for sale so that you do not get overwhelmed.
Happy to help! Please give me a call if you are considering buying or selling in the Savannah or Hilton Head Areas! 843.224.6796