Found 120 blog entries tagged as Inventory.

 



Planning to buy a home soon? Why not go for something brand-new? Because data shows a lot more buyers are seeing the appeal of new home construction these days – and you may find out it’s what you want too.

The National Association of Realtors (NAR), explains that newly built homes accounted for 15% of all homes sold last year. That’s a significant increase, and is actually the highest percentage in 17 years (see graph below):

To get a closer look at why so many people are opting for a brand-new home, NAR surveyed recent buyers. And here are the top reasons why new builds gained so much popularity (see graph below):

 Avoiding Renovations or Problems with Plumbing or Electricity (42%)

According to buyers, the number one benefit is the…

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More entry-level homes – also known as starter homes – are popping up on the market. And after several years with very few homes available to buy and prices rising, there are finally some more options for first-time buyers.

Inventory Is Increasing – Especially at Lower Price Points

Over the past year, the total supply of homes for sale has improved. According to Realtor.com, in November there were 26.2% more homes for sale compared to this time last year, marking 13 months of inventory growth and the most homes available since December of 2019.

Interestingly, the growth isn’t spread evenly among all types of homes, though. According to Redfin, starter homes have seen the biggest increase (see graph below):

So, if you’re a first-time…

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You may be wondering if home prices are going to crash. And believe it or not, some people might even be hoping this happens so they can finally purchase a more affordable home. But experts agree that's not what's in the cards – and here's why.

There are more people who want to buy a home than there are homes available to purchase. That’s what drives prices up.

Let’s break that down and explore why, nationally, home prices aren’t going to be coming down anytime soon.

Prices Depend on Supply and Demand

The housing market works like any other market – when demand is high and supply is low, prices rise.

According to the latest estimates, the U.S. is facing a housing shortfall of several million homes. That means there are far more…

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With the holidays right around the corner, homeowners planning to move have a decision to make: sell now or wait? Some may even consider taking their house off the market until next spring. But is that the best choice? Because at this time of year, your home can really stand out.

Here's the thing: there are plenty of buyers out there who want to be in a new home by the holidays, and your house might be just what they’re looking for. As an article from Redfin says: 

“. . . there is typically less inventory in the housing market this time of year, allowing your home to easily stand out among the available inventory. And though there are technically fewer buyers overall, the homebuyers that are looking are far more serious about finding a home…

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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…

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Lately, it seems everyone is talking about the economy and whispers of a possible recession are spreading fast. But here’s the good news for homeowners in Brookings, South Dakota, and nearby areas: there’s no reason to panic. While we’re certainly facing some economic uncertainty, the current state of the housing market is far stronger and more stable than it was during the 2008 crash. Here’s a closer look at why we’re not headed for a repeat—and how Shane Andersen and the Brookings Home Team can help you navigate today’s housing landscape.

1. Demand for Homes Is Outpacing Supply

One of the biggest factors behind the housing crash in 2008 was an oversupply of homes. Back then, the market was flooded with properties, and there simply weren’t…

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Lately, you’ve probably seen headlines talking about the median asking price of homes dropping compared to last year. This kind of news can cause confusion for buyers and sellers alike, making it seem like home values are falling. But here’s the deal: those headlines don’t tell the full story, especially in a market like Brookings, South Dakota, and the surrounding areas.

While it’s true that the median price has dipped, it’s important to understand what that really means before you jump to conclusions. Let’s break down the details so you can navigate the housing market with confidence, whether you're looking to buy or sell.

Why the Median Price is Lower—But Home Values Are Still Rising

The key to understanding this trend lies in the types…

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If you’ve been sitting on the sidelines, watching mortgage rates soar and waiting for the right time to jump into the housing market, you’re not alone. For months, potential homebuyers have been holding off due to high rates and affordability concerns. But today’s market conditions might just be the sweet spot you’ve been waiting for—and it might not last long.

Why Are Buyers Moving Now?

Mortgage rates are finally starting to trend down, which means affordability is improving for many prospective buyers in Brookings, South Dakota, and surrounding areas. This creates a window of opportunity that could help you get into the home you’ve been dreaming of. If you’ve had your plans on pause, now’s the time to ask yourself an important question: What…

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If you’ve been renting for a while, you’ve probably wondered when the time will come when buying makes more sense than continuing to rent. Well, good news—recent data suggests that time might be now! According to a recent Zillow study, in 22 of the 50 largest metro areas across the country, monthly mortgage payments are now lower than rent (see chart below for the numbers). While Brookings, South Dakota, isn’t one of these major metro areas, the trends we’re seeing nationwide could mean that buying a home in our area may soon become a more affordable option.

The Current Market: What’s Changing?

As mortgage rates ease from their recent peak and home prices stabilize, the affordability of purchasing a home is improving across the board. In many…

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With home inventory increasing and mortgage rates starting to come down, you might be thinking this is finally your moment to jump into the Brookings area real estate market. But before you start shopping for your dream home, there’s one crucial step you need to take: getting pre-approved for a mortgage.

The pre-approval process involves a lender reviewing your financial information, such as your W-2s, tax returns, credit score, and bank statements, to determine how much they are willing to loan you. Once this is done, you’ll receive a pre-approval letter, which is your golden ticket to house hunting. Here are two big reasons why this is a must in today’s real estate market.

Pre-Approval Helps You Understand Your Budget

Although home…

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