:ith mortgage interest rates at all time historic lows, an estimated three million people bought homes from 0arch through $ugust
, creating a housing fren]y
Today, heavily influenced by inflation and higher interest rates, the marNet is vastly different than it was a year ago ThinNing of dipping your toes in the housing marNet soon" +ere are four new realities about buying a home right now
'riven by interest rates and inflation, home prices are cooling down
,n maMor housing marNets, home prices are up year over year, but down significantly from where they were at the height of the pandemic housing fren]y in 0ay
$long with home prices cooling, new data states that recent home sales sold above their final list price, which is down from a year earlier, and the lowest level since 0arch
,n the height of the pandemic housing cra]e, buyers wouldn¶t dare asN sellers for anything, with many even presenting cash offers %ut now, as the marNet cools and the tide shifts, that is no longer the case for buyers
6ellers no longer have all the power ,n fact, a study released in -anuary shows that more than two out of five sellers made concessions for buyers in 'ecember This is a trend we predict to only increase &oncessions included money towards repairs, closing costs and or mortgage rate buy downs
The latest data indicates that homes are spending an average of days on marNet nationally, up significantly from this time last year, where homes were spending an average of
days on marNet 6ome styles of home and the location of the home may be highly desired by current buyers and can be highly competitive when placing an offer
6ellers are also becoming increasingly flexible on closing dates, tipping the scales in favor of what worNs best for the buyer 7KHUH LV PRUH LQYHQWRU\
+ousing inventory is the best indicator of the type of marNet we are currently in and whether it benefits buyers, sellers or is balanced 1ational data shows us that there is an average inventory supply of months
Overall, five months of inventory supply indicates a more balanced marNet, while a three months supply of inventory indicates a sellers marNet $s the numbers continue to increase towards the five month marN, we reali]e there is considerably more inventory on the marNet today than this time last year
%ottom line The housing marNet is changing TuicNly 0aNe sure to align yourself with a professional real estate agent to stay on top of the latest data in your local marNet
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