More entry-level homes, often referred to as starter homes, are becoming increasingly available on the market. After several challenging years of limited inventory and rising prices, first-time buyers are finally seeing more opportunities to enter the housing market.
Inventory Is Growing, Particularly for Lower-Priced Homes
The overall supply of homes for sale has improved significantly over the past year. According to Realtor.com, the number of homes on the market in November was up by 26.2% compared to the same time last year. This marks 13 consecutive months of inventory growth and the highest number of available homes since December 2019.
Notably, this growth has been more pronounced in certain segments of the market. Data from Redfin reveals that starter homes have experienced the most significant increase in availability (as illustrated in the graph below).
If you’re a first-time buyer who has been waiting on the sidelines, thinking a starter home might never be within reach, now could be your moment. With more options available, you might finally find a home that fits your needs and budget.
How an Experienced Agent Helps You Find a Starter Home
Finding the right starter home at an affordable price in your local market can feel daunting, but a skilled local real estate agent can simplify the process. They stay informed about the latest starter home listings in your area, ensuring you don’t miss out on any opportunities.
Your agent will help you zero in on homes that align with your budget and preferences, reducing the stress of the search. They’ll also provide expert guidance on crafting the right offer and negotiating to secure the best deal possible.
Beyond that, your agent will manage critical details like documentation and deadlines, keeping everything on track. And whenever you have questions, they’ll be there with answers and expert advice to support you every step of the way.
Bottom Line
Starter homes are making a comeback, and this could be your chance to find one. Whether you’re ready to start visiting listings, need expert advice, or simply want to explore what’s out there, let’s connect today.
