If you stepped back from your home search last year, you definitely weren’t alone—about 70% of buyers did the same. With limited inventory, rising home prices, and fluctuating mortgage rates, the market posed significant challenges. But here’s the good news: the real estate landscape is beginning to shift in a positive direction.

If you’ve been waiting for the right moment to make your move in 2024, this could be your time. Here’s why the tide is turning in favor of buyers.

More Homes for Sale Means More Possibilities

Even if you were financially ready to buy last year, the lack of available homes likely made your search frustrating. But that’s changing. Inventory is on the rise, which means there are more homes to choose from—and a better chance of finding one that fits your lifestyle and budget.

According to data from Realtor.com, housing inventory has increased by 27.5% compared to this time last year:

This is especially great news for existing homeowners who were hesitant to list their current property—worried about where they’d go next. With more listings on the market, you now have more viable options, easing that concern significantly.

More Time to Make the Right Move

In a competitive market with limited supply, homes often sell quickly—sometimes within days. While that might sound ideal when you’re selling, it can create a lot of pressure when you also need to find your next home. Fortunately, the pace of the market is becoming more balanced, offering a bit more breathing room.

With more inventory available, homes are staying on the market longer. That extra time can be a game-changer for buyers and sellers alike:

Recent statistics show the average time a home spends on the market has increased by roughly 8% this year. While that’s still faster than pre-pandemic norms, it’s slower than the previous few years—and about a week longer than this time last year. This added flexibility can help you make more thoughtful decisions, without the rush.

Hannah Jones, Senior Economic Research Analyst at Realtor.com, puts it well:

“There are more homes for sale than in the last few years, which means the market pace is a bit more manageable–with longer days on market–and many sellers are more flexible . . . Though buyers face still-high housing costs, they may find a bit more give in the market, which could give them more time to make a decision, even in the busy spring and summer months.”

Concerned about selling your current home? Don’t be. While homes are staying on the market a little longer, inventory still remains about 23% below the pre-pandemic average. That means well-priced homes are continuing to sell—especially as more motivated buyers re-enter the market this season.

Bottom Line

With more listings to choose from and a slower, more manageable pace, 2024 could be the perfect time to revisit your home buying or selling plans. Whether you’re looking to upsize, downsize, or relocate, today’s market conditions are offering more flexibility and opportunity than we’ve seen in recent years.

If you’re wondering whether now is the right time to jump back in, the signs are pointing in a more positive direction. With the right guidance and a bit of renewed optimism, your next move could be closer than you think.

If you have any questions or would like to explore your options, don’t hesitate to reach out to Mike Panza and the team at Panza Home Group. They’re here to help you every step of the way. Contact them today!