Wednesday, August 10, 2022 / by Raj Jaggi
Is the Shifting Market a Challenge or an Opportunity for Homebuyers?
But what was once your greatest challenge may now be your greatest opportunity. Today, data shows buyer demand is moderating in the wake of higher mortgage rates. Here are a few reasons why this shift in the housing market is good news for your homebuying plans.
The Challenge
There were many reasons for the limited number of homes on the market during the pandemic, including a history of underbuilding new homes since the market crash in 2008. As the graph below shows, housing supply is well below what the market has seen for most of the past 10 years (see graph below):
The Opportunity
But that graph also shows a trend back up in the right direction this year. That’s becaus ...