Why You Need to Prioritize Buying a Home Now Why You Need to Prioritize Buying a Home Now

1 comment / Posted on by Steven Rivera

Why You Need to Prioritize Buying a Home Now

Homeownership can be considered one of the key life achievements in one’s life. In our society, buying a home symbolizes that a person has achieved a certain economic status. Given the social and economic benefits often attributed to homeownership, positive impact towards one’s personal life and residential satisfaction is expected.

However, housing inventory has not been the same as it was five years ago when there were more homes for sale and the prices were much lower than today. If you are considering buying a new home today, the following reasons might convince you why you may not want to put off that aspiration of yours to become a new homeowner.

 

  1. Lack of Inventory

According to the Redfin Data center, (https://www.redfin.com/blog/data-center), based on the latest available data and zooming in on Suffolk County NY, home inventory or homes for sale in the month of April 2018 is at 5,388 has reduced by 18.7% from a year ago (6,624 home inventory in April 2017) and looking back one more year, it has reduced by 26.8% (7,964 home inventory in April 2016). Buying a home is, therefore, made all the more difficult when there are less homes to buy in your price range.

It’s a sad truth, but a reality nonetheless: inventory is probably going to get worse before it gets better. That said, if you are considering buying a home, the sooner you can do so, the better. As days pass by, inventory will dwindle further. If you wait for too long, you might end up having to rent for the foreseeable future before inventory of homes rise again.

 

  1. Prices Will Continue to Rise

With the low inventory available, it is only natural that the prices will increase as it follows a supply and demand cycle. The higher home prices might be good to the economy as a whole but it’s not the best situation for someone who intends to buy a home. Prioritizing to buy a home now might be the best thing to do as the longer you wait, the higher the price will be for your dream home.

According to the Redfin Data Center and continuing our focus on Suffolk County NY, median home prices have increased by 23.1% today from 4 years ago. On a national level, the increase is much higher. Over the same period of time, the median home prices have increased by 39.2% at the national level.

 

A combination of low inventory and increasing home prices will likely continue into the foreseeable future. This is further fueled by an increasing number of first time home buyers among the millennials coming to age. One might take the path of wait and see before buying a home but it is worth pointing out that it might not be your best bet as you might be left without one altogether.

Follow us on Facebook and Instagram!
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Subscribe to our YouTube Channel!
Revival Property Group
"Real Estate Solutions At Your Convenience"

 

Homeownership can be considered one of the key life achievements in one’s life. In our society, buying a home symbolizes that a person has achieved a certain economic status. Given the social and economic benefits often attributed to homeownership, positive impact towards one’s personal life and residential satisfaction is expected.

However, housing inventory has not been the same as it was five years ago when there were more homes for sale and the prices were much lower than today. If you are considering buying a new home today, the following reasons might convince you why you may not want to put off that aspiration of yours to become a new homeowner.

 

  1. Lack of Inventory

According to the Redfin Data center, (https://www.redfin.com/blog/data-center), based on the latest available data and zooming in on Suffolk County NY, home inventory or homes for sale in the month of April 2018 is at 5,388 has reduced by 18.7% from a year ago (6,624 home inventory in April 2017) and looking back one more year, it has reduced by 26.8% (7,964 home inventory in April 2016). Buying a home is, therefore, made all the more difficult when there are less homes to buy in your price range.

It’s a sad truth, but a reality nonetheless: inventory is probably going to get worse before it gets better. That said, if you are considering buying a home, the sooner you can do so, the better. As days pass by, inventory will dwindle further. If you wait for too long, you might end up having to rent for the foreseeable future before inventory of homes rise again.

 

  1. Prices Will Continue to Rise

With the low inventory available, it is only natural that the prices will increase as it follows a supply and demand cycle. The higher home prices might be good to the economy as a whole but it’s not the best situation for someone who intends to buy a home. Prioritizing to buy a home now might be the best thing to do as the longer you wait, the higher the price will be for your dream home.

According to the Redfin Data Center and continuing our focus on Suffolk County NY, median home prices have increased by 23.1% today from 4 years ago. On a national level, the increase is much higher. Over the same period of time, the median home prices have increased by 39.2% at the national level.

 

A combination of low inventory and increasing home prices will likely continue into the foreseeable future. This is further fueled by an increasing number of first time home buyers among the millennials coming to age. One might take the path of wait and see before buying a home but it is worth pointing out that it might not be your best bet as you might be left without one altogether.

Follow us on Facebook and Instagram!
&
Subscribe to our YouTube Channel!
Revival Property Group
"Real Estate Solutions At Your Convenience"

 

1 comment

  • Posted on by Rose Rivera

    Excellent information.
    Thank you for sharing

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