As the housing market continues to change, buyers are eager to know what's available in the inventory of homes available for sale. For some buyers, this might mean picking among newly-constructed homes, for others it may be selecting from a list of older homes that have been on the market for a while. In any case, buyers should be aware of the different types of inventory available so they can make an educated decision when selecting a property to call home.

First and foremost, buyers should understand that there are three primary types of inventory that comprise the housing market: new construction, resale, and foreclosures. New construction homes are those that have been recently built and are just hitting the market, so they tend to be the most expensive option. Resale homes are those that have been previously owned and are for sale again, and these tend to be a bit less expensive. Foreclosures are homes that have been repossessed by the lender, who is then selling them at a discounted rate.

It’s important to note that each type of inventory will come with its own set of pros and cons. New construction homes are usually more expensive, but they come with warranties and are often move-in ready. Resale homes may be a bit older, but they can often be less expensive and come with more mature landscaping. Foreclosures can be a great deal, but they require more work and may also come with more hidden costs.

 

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In addition to being aware of the different types of inventory available, buyers should also know how to research the housing market in their area. This means looking at market trends over time, researching current listings, and exploring the area’s demographics. Doing so will give buyers a better understanding of what’s available in the inventory, what prices they should expect, and what type of home would best suit their needs.

Finally, buyers should also take the time to talk to a real estate agent. A real estate agent can provide invaluable advice when it comes to the inventory of homes available for sale. They can also provide market insight, explain the different types of inventory, and help buyers navigate the process of selecting a home that meets their needs and budget.

By understanding the different types of inventory available, researching the market, and consulting with a real estate agent, buyers can be better prepared to make an informed decision when selecting a property to call home. Knowing what’s available in the inventory of homes available for sale can help buyers find the perfect home for their needs and budget.

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