Three Reasons to Buy Right Now!

Hey Everyone, my name is Brian Reed with The Ryan & Brian Real Estate Team. There is a lot of uncertainty about whether now is a good time to buy a home with a potential recession. Today we are going to discuss 3 things that are happening in the market that are creating a great scenario for homebuyers to purchase.

Now the numbers I’m going to show you today are on a national level. However, these are the same trends we are seeing across the RGV. 

The first reason you should consider buying is we are seeing fewer multiple offer scenarios. It wasn’t uncommon for us over the last two years to see 20+ offers on our listings. However, we’ve noticed a trend of offers ticking down. On the national level as of April of 2022 the average home received 5.5 offers, come May that ticked down to 4.2, and by June it was down to 3.4. That is a trend many industry experts see going forward. 

Now for the second reason - Fewer homes are now selling above asking price. 

You might have heard our radio commercials or seen some of our marketing expressing how many homes we are selling above asking price. Now our marketing is still driving up demand but market trends are showing month over month that percentage is dropping. In April of this year we saw 61% of homes going over asking, by May that had dropped to 55% and by June it was all the way down to 51%. At 51% or basically half of the homes selling over asking, this is definitely still a competitive market, but a better time for buyers to jump in. Again, this is a trend experts see continuing throughout the year. 

Last but not least - reason number three. The supply of homes for sale is growing. 

You can see that inventory, that month’s supply, is ticking up as the pace of home sales slows down and more homes are coming back to the market. We’ve gone from a 2.2 month of supply in April to a 3.0 supply in June. Many experts are predicting the inventory to continue to rise higher and out of a sellers market and into what is considered a neutral market at 6 months inventory. 

These are three reasons why if you’ve been sitting on the fence about whether to buy now or wait, maybe now is the time to consider getting in home search mode. Or maybe you still have more questions and want to discuss them with a real estate expert. We have a team of experts available to answer your home buying questions and help you reach your home buying goals. 

Call us today for a free consultation at 956-203-0044. We look forward to hearing from you and having that conversation in the near future. Have a great day!