It is no secret that the housing market has been shifting recently. Home prices have been rising and mortgage rates are still low due to the government purchasing mortgage-backed securities, which has resulted in a change to a seller’s market that is still in good condition for people looking to buy a home, according to the Wall Street Journal. One of the main aspects making this market favorable to sellers is the low inventory of homes across the U.S. However, national inventory is rising, which could make finding and getting a good price on your Stephenville, Texas dream home a more attainable undertaking.
A side effect of the decreased inventory that has been characteristic of the market is the increase in popularity of bidding wars. Bidding wars were all but extinct when the housing bubble burst, due to the bleak outlook for the real estate market. However, now that prices are going up and it appears that the market is recovering, buyers are coming out of the woodwork and trying to get their hands on some real estate, which drives prices up even more when there is competition on a home. Housing inventory has increased by 25% this year, which is leaps and bounds ahead of how it was progressing a few years ago. This is by no means the golden age of inventory, as the amount of homes available for purchase is still historically low, but the jump is a much-needed improvement.
Increases in inventory, when all other factors remain constant, tip the scales slightly in the buyers’ favor. With growing inventory, home sellers are no longer facing the kind of competition they were, and they’re pricing their homes to grab the attention of home buyers who could look elsewhere. Competition among home sellers is a good thing for someone looking to buy their Stephenville, Texas home, as now they would be competing for the buyers’ attention instead of the other way around.
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