{"id":650,"date":"2022-08-10T19:29:49","date_gmt":"2022-08-10T19:29:49","guid":{"rendered":"https:\/\/johnsonteamrealestate.com\/?p=650"},"modified":"2022-08-10T19:29:51","modified_gmt":"2022-08-10T19:29:51","slug":"is-the-shifting-market-a-challenge-or-an-opportunity-for-homebuyers","status":"publish","type":"post","link":"https:\/\/johnsonteamrealestate.com\/index.php\/2022\/08\/10\/is-the-shifting-market-a-challenge-or-an-opportunity-for-homebuyers\/","title":{"rendered":"Is the Shifting Market a Challenge or an Opportunity for Homebuyers?"},"content":{"rendered":"\n

If you tried to buy a home<\/a> during the pandemic, you know the limited supply of homes for sale was a considerable challenge. It created intense bidding wars which drove home prices<\/a> up as buyers competed with one another to be the winning offer.<\/p>\n\n\n\n

But what was once your greatest challenge may now be your greatest opportunity. Today, data shows buyer demand<\/a> is moderating in the wake of higher mortgage rates. Here are a few reasons why this shift in the housing market<\/a> is good news for your homebuying plans<\/a>.<\/p>\n\n\n\n

The Challenge<\/strong><\/h4>\n\n\n\n

There were many reasons for the limited number of homes on the market during the pandemic, including a history of underbuilding<\/a> new homes since the market crash in 2008<\/a>. 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<\/em>):<\/p>\n\n\n

\n
\"Is<\/a><\/figure>\n<\/div>\n\n\n

The Opportunity<\/strong><\/h4>\n\n\n\n

But that graph also shows a trend back up in the right direction this year. That\u2019s because moderating demand is slowing the pace of home sales<\/a> and that\u2019s one of the reasons housing supply is finally able to grow. For you, that means you\u2019ll have more options<\/a> to choose from, so it shouldn\u2019t be as difficult to find your next home as it has been recently.<\/p>\n\n\n\n

And having more options may also lead to less intense bidding wars. Data<\/a> from the Realtors Confidence Index<\/em><\/a> from the National Association of<\/em> Realtors<\/em> (NAR) shows this trend has already begun. In their recent reports, bidding wars are easing month-over-month (see graph below<\/em>):<\/p>\n\n\n

\n
\"Is<\/a><\/figure>\n<\/div>\n\n\n

If you\u2019ve been outbid before or you\u2019ve struggled to find a home that meets your needs, breathe a welcome sigh of relief. The big takeaway here is you have more options and less competition today.<\/p>\n\n\n\n

Just remember, while easing, data shows multiple-offer scenarios are still happening \u2013 they\u2019re just not as intense as they were over the past year. You should still lean on an agent<\/a> to guide you through the process and help you make your strongest offer up front.<\/p>\n\n\n\n

Bottom Line<\/strong><\/h3>\n\n\n\n

If you\u2019re still looking to make a move, it may be time to pick your home search back up today. Let\u2019s connect to kick off the homebuying process, contact Mike Bredeson today by calling 360.201.5088.<\/p>\n","protected":false},"excerpt":{"rendered":"

If you tried to buy a home during the pandemic, you know the limited supply of homes for sale was a considerable challenge. It created intense bidding wars which drove home prices up as buyers competed with one another to be the winning offer. But what was once your greatest challenge may now be your greatest opportunity. Today, data […]<\/p>\n","protected":false},"author":1,"featured_media":651,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-650","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-uncategorized","8":"entry"},"featured_image_src":"https:\/\/johnsonteamrealestate.com\/wp-content\/uploads\/2022\/08\/20220810-KCM-Share-600x400.jpg","featured_image_src_square":"https:\/\/johnsonteamrealestate.com\/wp-content\/uploads\/2022\/08\/20220810-KCM-Share-600x410.jpg","author_info":{"display_name":"fawn","author_link":"https:\/\/johnsonteamrealestate.com\/index.php\/author\/fawn\/"},"_links":{"self":[{"href":"https:\/\/johnsonteamrealestate.com\/index.php\/wp-json\/wp\/v2\/posts\/650","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/johnsonteamrealestate.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/johnsonteamrealestate.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/johnsonteamrealestate.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/johnsonteamrealestate.com\/index.php\/wp-json\/wp\/v2\/comments?post=650"}],"version-history":[{"count":1,"href":"https:\/\/johnsonteamrealestate.com\/index.php\/wp-json\/wp\/v2\/posts\/650\/revisions"}],"predecessor-version":[{"id":652,"href":"https:\/\/johnsonteamrealestate.com\/index.php\/wp-json\/wp\/v2\/posts\/650\/revisions\/652"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/johnsonteamrealestate.com\/index.php\/wp-json\/wp\/v2\/media\/651"}],"wp:attachment":[{"href":"https:\/\/johnsonteamrealestate.com\/index.php\/wp-json\/wp\/v2\/media?parent=650"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/johnsonteamrealestate.com\/index.php\/wp-json\/wp\/v2\/categories?post=650"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/johnsonteamrealestate.com\/index.php\/wp-json\/wp\/v2\/tags?post=650"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}