I
f you've been holding off on buying a home, the final weeks of 2024 could be your chance. The real estate market has been challenging due to rising prices, scarce housing stock, and high mortgage rates. However, things are starting to shift in favor of buyers.

    The level of housing stock is one of the key indicators of the market's direction. And right now, buyers have more choices than they've had since 2019. According to the National Association of Realtors, there's roughly 4.3 months of inventory on the market, which is a significant increase from recent years.

    This surge in housing stock means that sellers are having to lower prices to stay competitive. The median home price dropped to $424,950 in October, and with more homes available, sellers are being forced to cut their asking prices even further. In fact, 18.6% of homes had price reductions, which is a higher share than seen between 2017 and 2019.

    Buyers now have the upper hand in negotiations. With more housing stock on the market, they can afford to be picky and wait for the right property at the right price. Sellers are also becoming more flexible, offering concessions like closing cost credits or rent-backs if buyers need extra time to move in.

    The slowest seasonal market in five years means that buyers have even more time to make informed decisions. Homes are spending 58 days on the market, giving buyers a week or two more to shop around and find their perfect home.

    While we're not yet in a true buyer's market, the current conditions suggest that buyers are in a better position than they've been in years. If seller activity continues to exceed buyer activity and housing stock keeps building, the market might finally start to lean in favor of buyers. For those who have been waiting on the sidelines, now could be the perfect time to make a move.