All good things must come to an end, and that certainly applies to the new home opportunities present in today's buyer's market.
The end will coincide with an end to the surplus of inventory homes. It's that simple. When that day will come is impossible to predict. But one thing is certain: now is the ideal time to buy a home. And buyers are doing exactly that in increasing numbers, reducing the surplus with every sale.
As the surplus decreases and the slowdown eases, builders will be less inclined to offer deals, discounts and free upgrades. Indeed, they will most likely raise prices because of increased demand and increased costs. Land costs, impact fees, materials prices, labor costs - they're going nowhere but up.
How long do we have until the buyer's market is officially over? That's anyone's guess. But certainly the best way to take advantage of today's rare combination of a surplus of homes, low interest rates, discount opportunities and more is simply to buy now.
Existing home sales rise in October, market stabilizing, says NAR
“Sales of existing homes held steady with a modest gain last month, another indicator that the housing market is transitioning into a more normal market in contrast with unsustainable activity last year,” according to the National Association of Realtors® (NAR).