This is particularly true in Silicon Valley, where San Jose and Seattle have seen the biggest increases. Many potential buyers are taking advantage of this influx of new listings to get a great deal on a new home. However, there are some important things for buyers to keep in mind when shopping in this seller's market.
The housing market in the United States, and indeed in much of the world, has been booming for several years. This recent growth is largely attributed to historically low interest rates, a strong job market, and a high demand for housing. As more and more Americans look to buy homes, the already competitive market has gotten even more so. The result? Limited inventory, increased competition for existing homes, and bidding wars in many areas.
However, recent data from Zillow shows that inventory levels have recently increased in a number of cities across the country. The two cities that have seen the biggest uptick in inventory are San Jose and Seattle. In San Jose, the total number of listings is up by almost 40% year-over-year. In Seattle, the increase is around 20%.
Experts say that this increase in inventory is good news for potential buyers who may have felt priced out of the market before. With more homes available, buyers have more options at more affordable prices. This could allow them to find a home that meets their needs without having to compete against multiple other bidders or worry about overpaying due to a lack of supply.
At the same time, buyers must be careful not to get too carried away with the prospect of a great deal. Even in a market where inventory is increasing, it is still possible to pay too much, get stuck with an underwater mortgage, or be taken advantage of by unscrupulous real estate agents. It is important for buyers to carefully research potential homes and markets in order to ensure that they are making the best decision possible.
In conclusion, the recent increases in inventory in San Jose and Seattle are good news for potential homebuyers who are looking to purchase a home in these areas. However, buyers should still be cautious and do their due diligence before signing any agreements. By researching the market and understanding local trends, buyers can ensure that they are getting a fair price for a home that suits their needs.
This article was contributed on Oct 15, 2023
