According to the National Association of Realtors (NAR), the nation’s supply of homes for sale is finally showing signs of improvement. The growth in supply is being led by mid-sized family homes, as fewer are going under contract even though spring and early summer are traditionally popular times for families to shop for houses.

“April data suggests a positive turn of events is on the horizon for weary buyers: If the trends we’re seeing now hold true, we could potentially see year-over-year inventory growth within the next few weeks,” said Danielle Hale, chief economist for Realtor.com.

If you’re considering entering the market as a buyer or seller, a talk with a licensed lending professional can help you make informed decisions. Contact CosmoLends for a no-obligation chat, or to discuss your financing options.

Strategies to Buy Your Next Home Sooner

Since the housing market shows signs of easing in many regions, you may be ready to take your buying plans off hold and begin shopping. Here are some things to keep in mind when you’re shopping for a first home, especially if you’re not viewing many move-in ready homes in your preferred neighborhoods.

While new construction usually costs more than an existing home, buyers enjoy some major advantages. Many builders offer “quick move-in” homes ready within 30 to 90 days, which is great news for weary buyers. Choosing new construction often gives the buyer freedom to choose their home’s colors, square footage and finishes.

This helps eliminate the need to trade in a small starter home for a bigger property in a few years. And since many builders offer warranties, new homeowners may be exempt from unexpected major repair bills.

If new construction doesn’t appeal, you may be able to find an older home that needs minor updates. This is a popular option with buyers as the nation’s housing stock ages; a 2019 study found that nearly 80% of American homes were at least 20 years old. If retro’s not your style, don’t fret – as one remodeling executive said, “You can fix ugly.” Buyers considering a home in need of updates will benefit from hiring an experienced home inspector. An inspection ensures the home has solid structural components and identifies any potential problem areas.

Want to explore your home financing options for new builds and fixer-uppers? Call 216.387.1003 or complete our easy online enquiry form and tell us a little about your situation.