If you placed a halt on your home hunt because you weren't sure where you'd go, it may be time to return. Because the market is shifting, there are more homes for sale. That means you may locate a property that meets your needs. Some options:

Existing homes provide lived-in charm.

According to the National Association of Realtors (NAR), the existing house supply has risen since the beginning of the year. The graph below shows increased inventory due to more properties entering the market and slower sales.

If you want a home with lived-in appeal, supply is rising, which is good news.

Danielle Hale, Chief Economist at realtor.com, explains why more homeowners are listing their houses today.

“Home sellers in many markets profit from rising prices and speedy sales. This year, more homeowners are selling than previous, offering buyers more options. This year, more properties are for sale than previous.

Existing homes provide several perks. Older homes have a unique charm that's hard to replicate. Existing homes are frequently in established neighborhoods with mature landscaping that boosts seclusion and aesthetic appeal.

Timing also matters. With an existing home, you can move in when you and the sellers agree, unlike with a new home. Remember this if you need to move soon.

While more sellers are listing, supply remains low. You'll have more alternatives when searching for your future house, but be prepared for a quick market.

Buying a new home means everything is new.

Census data shows more new homes for sale. It comprises under-construction, near-completion, and finished homes. As the graph below shows, there are more new homes for sale this year.

When creating a new home, you can tailor it to your lifestyle. That could include energy-efficient solutions or design aspects. New appliances, windows, roofing, etc. These can cut your energy expenditures, which can mount up over time.

Newer homes are also lower-maintenance. When you have a new home, you won't have as many small repairs, like leaking faucets, to do. With new construction, warranty options may protect your investment for the first several years.

 

Buying a new house may require a long wait before moving in. Robert Dietz, NAHB's Chief Economist and Senior Vice President for Economics and Housing Policy, explains:

 

New single-family homes have a 7.7-month supply. Only 8.3% of new homes are ready to move in. 25.9% haven't started construction or are in progress.

You should discuss this with a trusted real estate advisor before making a decision. They'll weigh the advantages and downsides of new and existing homes to help you decide.

 

Overall

With more homes for sale, you have options no matter your preferences. If you have questions or need help deciding, let's talk.