COVID-19 caused havoc on the housing market, especially due to health scares and stay-at-home orders. During the pandemic home buyers were up against low home inventory which caused bidding wars. Even though we are still seeing these challenges, many professionals in the industry say they are now a buyer’s opportunity. In today’s current the inventory is still low but buyers are not as eager due to the higher mortgage rates. 
The low inventory is still a challenge because of underbuilding since the market crash in 2008. The current moderating of demand is slowing the pace of home sales which is starting to even out so builders are able to catch back up. For the buyer, this means there are more options to choose from. Good news, as this will also lead to fewer and fewer bidding wars as home buyers have more options. According to the National Association of Realtors (NAR) Realtors Confidence Index bidding wars are letting up month-over-month. The average number of homes sold between April 2022 – June 2022 are as follows: April 5.5, May 4.2 and June 3.4. Those that have been outbid for the past two years can see the light at the end of the tunnel.
If you are in the market for a new home, it is still a good idea to consult with a local sales agent who can guide you through the process. With an agent, you will definitely make the strongest and best offer upfront. Partnering with a real estate agent will just ramp up your home buying experience.
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