Why are there so many home buyers in today’s real estate market? If you’ve been searching for a home and you know what it feels like to have to compete with multiple offers, you have a good understanding of today’s market. Let’s discuss more about why there are so many buyers.
It’s Nice To Meet You
Being in the Ozaukee County real estate market for 5 years now, I have helped buyers win in multiple offer situations and have coached them through the home buying process. My name is Stephanie Morano Long and I am a Realtor serving the Ozaukee County market. Buying a home is an exciting time and also can be overwhelming. BUT with the right guidance, buying a home can be way easier than you think.
Let’s Learn About Today’s Home Buyer
It’s safe to say we have a decent amount of home buyers right now. First time home buyers made up 26% of home buyers in 2023 according to the National Association of Realtors. This is actually a decrease from 2022 when they made up 34% of home buyers. https://www.nar.realtor/sites/default/files/documents/2023-home-buyers-and-sellers-generational-trends-report-03-28-2023.pdf The average age for a first time home buyer in 2022 was 36 years old according to NAR. This link here will take you to the NAR Home Buyers and Sellers Generation Trends.
There Is Not Enough Housing Inventory
Back in 2008 when the Great Recession took place many developments halted. Some buidlers had to walk away. Because of that, we are now seeing the affects of the housing shortage today. There are so many buyers, but no where for them to go. It’s supply and demand. Good news is we have seen more new construction and new developments popping up which is a great sign. https://www.realtor.com/research/us-housing-supply-gap-feb-2024/#:~:text=US%20housing%20markets%20continue%20to,formations%20between%202012%20and%202023.
What Can You Do As A Buyer To Find Your Dream Home
As a home buyer, it’s so important to be prepared! There’s a good a chance you will have to compete for a home in the Ozaukee County market. I highly recommend you contact a lender first to discuss everything. What are you pre-approved for? What loan programs do you qualify for? What will your monthly payments look like? How much money are you putting down? How much earnest money will you put down? Are you saving extra money for the home inspection, the appraisal and closing costs? These are all the things you need to discuss with your lender.
Next you need to find a Realtor who understands your market and who has experience with negotitions in this market. An agent who also has many connections in the real estate world can be beneficial as well. You and your agent can discuss a game plan as to how will you write your offer so you stand out. Also, provide your agent the specifics as to what you’re looking for, location and price!
Is this your year of becoming a homeowner? Hope you find this information helpful and it guides you in the right direction!