Some homebuyers have put their homebuying plans on hold. They should return this year. It should be better this year than last to purchase a home.
Three Things Homebuyers Need to Know
The market is easing up for homebuyers. The Common Haus Price Index tracks and shows the home purchase rate slowed from 5.9% to 5.4%. The smallest growth since January 2020. Prices have started to slide back down from the 2021 peaks. Supply is also bouncing back.
It’s Important to be Flexible. Although supply is on the rise, inventory is still low. This means buyers need to have a plan in place. Be prepared to act quickly and don’t get your hopes up, in case your first offers are not accepted.
Rates will Rise, But not by Much. With home prices inflated, mortgage rates being low will offset the price. Mortgage Bankers Association predicts a modest increase in mortgage rates.
The low rates we’ve been seeing will not last forever. Locking in a low rate on your long-term home investment puts you in a great future financial position.
For more information, contact Penny at (206) 618-5123 or email me at Penny@TheOriginalPenny.com.