There is no denying that 2021 has been a challenging year for Buyers. Between low inventory, bidding wars, and rising prices, many Buyers have found it difficult—or impossible—to find the right home at the right price.
But it looks like things are starting to look up—and, as they do, consumers are slowly (but surely!) becoming more confident in their ability to successfully find and purchase a home.
According to recent data from Fannie Mae, in August, 32 percent of consumers surveyed said that now is a good time to buy a home—up from 28 percent in July. The number of consumers who believe that home prices will increase over the next 12 months also decreased (from 43 percent to 40 percent) while the number of consumers who believe home prices will drop over the next 12 months increased (from 21 percent to 24 percent).
What is behind the change in consumer sentiment? Rising inventory could be playing a role. According to realtor.com’s Monthly Housing Report, inventory increased 5 percent in the country’s 50 largest metro areas—and as more inventory becomes available, it may become easier for bBuyers to successfully buy and purchase homes.
So, what does this mean for you? While there are definitely still pricing and inventory challenges in the market, consumer confidence is starting to shift. More people are starting to believe that conditions are getting better for Buyers—so if you have been thinking about buying a home, now is a great time to take advantage of the improving conditions and start your home search.