If you tried to buy a home during the pandemic, you know how difficult it was due to the limited supply of available properties. It resulted in intense bidding wars, which drove up home prices as buyers competed to be the winning offer.

However, what was once your greatest challenge might now be your best chance. According to current data, buyer demand is moderating as a result of rising mortgage rates. Here are a few explanations for why this change in the housing market is favorable for your plans to purchase a home.

The Challenge

The limited number of homes available during the pandemic was due to a variety of factors, including a history of underbuilding new homes since the 2008 market crash. As the graph below shows, housing supply is well below what the market has seen in Conejo Valley Market:

The Opportunity

However, this year's graph also reveals a trend that is returning upward. This is due to the fact that a moderating demand is slowing the rate of home sales, which is one of the factors that has allowed the housing supply to finally increase. Finding your next home shouldn't be as challenging as it has been lately because you'll have more options to choose from.

Additionally, having more options might result in less intense bidding wars. This trend has already started, according to data from the National Association of Realtors (NAR) Realtors Confidence Index. Bidding wars are lessening month over month, according to the most recent reports (see graph below):

Breathe a sigh of relief if you've previously been outbid or have had trouble finding a home that suits your needs. You now have more options and less competition, which is the key lesson to learn from this.

Just keep in mind that despite easing, data indicates that multiple-offer scenarios are still occurring; they are merely less frequent than they were over the previous year. To help you navigate the process and make your best offer first, you should still rely on an agent.

Bottom Line


If you’re still looking to make a move, it may be time to pick your home search back up today. Let’s connect to kick off the homebuying process.