More Homes, Slower Price Growth – What It Means for You as a Buyer

More Homes, Slower Price Growth – What It Means for You as a Buyer

There are more homes on the market right now than there have been in years – and that could be a game changer for you if you’re ready to buy. Let’s look at two reasons why.

You Have More Options To Choose From

An article from Realtor.com helps explain just how much the number of homes for sale has gone up this year:

“There were 29.2% more homes actively for sale on a typical day in October compared with the same time in 2023, marking the twelfth consecutive month of annual inventory growth and the highest count since December 2019.”

And while the number of homes on the market still isn’t quite back to where it was in the years leading up to the pandemic, this is definitely an improvement (see graph below):

With more homes available for sale now, you have more options to choose from. As Hannah Jones, Senior Economic Research Analyst at Realtor.com, explains:

“Though still lower than pre-pandemic, burgeoning home supply means buyers have more options . . .”

That means you have a better chance of finding a house that meets your needs. It also means the buying process doesn’t have to feel quite as rushed, because more options on the market means you’ll likely face less competition from other buyers.

Home Price Growth Is Slowing

When there aren’t many homes for sale, buyers have to compete more fiercely for the ones that are available. That’s what happened a few years ago, and it’s what drove prices up so quickly.

But now, the increasing number of homes on the market is causing home price growth to slow down (see graph below):

In certain markets, the number of available homes has not only bounced back to normal, but has even surpassed pre-pandemic levels. In those areas, home price growth has slowed or stalled completely. As Lance Lambert, Co-Founder of ResiClub, explains:

“Generally speaking, housing markets where active inventory has returned to pre-pandemic 2019 levels have seen home price growth soften or even decline outright from their 2022 peak.”

Slower or stalled price growth could give you a better chance of finding something within your budget. As Dr. Anju Vajja, Deputy Director at the Federal Housing Finance Agency (FHFA), says:

“For the third consecutive month U.S. house prices showed little movement . . . relatively flat house prices may improve housing affordability.”

But remember, inventory levels and home prices are going to vary by market.

So, having a real estate agent who knows the local area can be a big advantage. They can help you understand the trends in your community, which can make a real difference in finding a home that fits your needs and budget.

Bottom Line

More housing options – and the slower home price growth they bring – can help you find and buy a home that works for your lifestyle and budget. So don’t hesitate to reach out if you want to talk about the growing number of choices you have right now.

What To Consider When Adding a Conservatory to Your Home

Adding a conservatory to your home is a delightful way to blend the indoors and outdoors. This versatile space can enhance your property’s aesthetic appeal and provide a sanctuary for relaxation. Before adding a conservatory to your home, it’s crucial to know what to consider. Read on to make sure your conservatory meets your needs and adds value to your home.

Planning Basics

When planning your conservatory, you must understand local building permissions and regulations. Different regions have varying requirements, so always check local guidelines to avoid legal complications.

Additionally, the design and size of your conservatory will play a role in how it integrates with your home’s existing structure. A well-thought-out design ensures your new space complements your home’s architecture and provides the desired functionality.

Budgeting is another key aspect of the planning phase. Consider the costs of construction, heating, and maintenance to ensure the project remains financially feasible and doesn’t strain your resources.

Materials

Selecting the right materials for your conservatory is another important factor. Common materials include polycarbonate, aluminum, and timber, each offering distinct advantages.

For example, polycarbonate is known for being cost-effective and low maintenance. Aluminum, on the other hand, provides a sleek, modern look with enhanced durability. Although more traditional, timber offers a classic aesthetic that many homeowners admire. 

When choosing materials, consider their durability, aesthetics, and energy efficiency to help your conservatory stand the test of time while minimizing energy consumption.

Placement

Conservatory placement impacts its usefulness and comfort, determining how much you’ll enjoy using the space throughout the year. Mainly, you want to position it to maximize sunlight and capture scenic views. This improves your experience in the space, whether you’re relaxing with a book or entertaining guests. 

Temperature

Another practical consideration is temperature regulation, as conservatories are more prone to radical fluctuations than more insulated parts of your home. Fortunately, you can reduce temperature variation in your conservatory no matter where you place it with smart material selection.

Purpose

Thoughtful space optimization is crucial to making the most of your new addition. Consider how you plan to use the conservatory—will it be a sunlit dining area, a cozy reading nook, or perhaps a lush indoor garden? Arrange furniture and decor to suit your intended use and create a seamless flow with the rest of your home.

Sustainability 

Incorporating eco-friendly features, such as energy-efficient glazing or solar panels, can enhance the sustainability of your conservatory. These features help reduce your carbon footprint and lower energy bills, adding long-term value. By taking these factors into account, you can transform your conservatory into a versatile space that complements your lifestyle and promotes sustainability.

What to consider when adding a conservatory to your home includes everything from budget to sustainability improvements. By understanding these elements, you can make informed decisions that lead to a beautiful, functional, and sustainable addition to your home.