More Starter Homes Are Hitting the Market
More entry-level homes – also known as starter homes – are popping up on the market. And after several years with very low inventory available to buy and prices rising, there are finally more options for first time home buyer starter homes.
Inventory Is Increasing – Especially at Lower Price Points
Over the past year, the total supply of homes for sale has improved. According to Realtor.com, in November there were 26.2% MORE homes for sale compared to this time last year, marking 13 months of inventory growth and the most homes available since December of 2019.
Interestingly, the growth isn’t spread evenly among all types of homes, though. According to Redfin, starter homes have seen the biggest increase (see graph below):
So, if you’re a first-time buyer who’s been sitting on the sidelines waiting because you thought you might never find a starter home in your market, this could be a game-changer. You finally have more options to choose from, and you just might be able to find one in your price range.
How an Experienced Agent Helps You Find a Starter Homes
Finding the right starter home at the right price point in your local market might feel like an unthinkable challenge, but an experienced local real estate agent makes it easier. They stay up to date on the latest starter home listings in your area, so you don’t miss any opportunities. For example, here is a current list (always refreshed) for single family homes, condos and townhomes on the market in Santa Fe, New Mexico for sale!
Not all Realtors are the same. An experienced broker will help you focus on homes that match your budget and your needs, making the search less stressful. They’ll also guide you through how to make the right offer and negotiate to get the best outcome possible.
On top of that, they handle the important details, like documentation and deadlines, so you can stay right on track. And if you have questions, Emily Medvec will have answers and expert advice every step of the way.
Bottom Line
Starter homes are making a bit of a comeback, and this could be your chance to find one. Whether you’re ready to visit listings, need advice, or just want to see what’s out there, let’s connect. There is no fee or obligation for a market consultation. Thank you for reading, Emily Medvec