Things To Consider When Buying a Home
There Aren’t Many Homes Available for Sale Right Now
Housing inventory is measured by the number of available homes on the market. It’salso measured by months’ supply, meaning the number of months it would take to sell all those available homes based on current demand. In a balanced market, there’s usually about a six-month supply – but today, we only have about half of that. With inventory that low, buyer competition is up, and that means many homes often receive multiple offers. Working with a professional can help you be more competitive in this
kind of market.
Mortgage Rates Near 6% or 7% Are the New Normal
before, and the rapid rise caused some buyers to delay their plans. But since last
October, rates have settled a bit in roughly the 6% to 7% range.
It’s time to understand rates around 6% or 7% are the new normal. The rates we
experienced a few years ago, like 3%, are now a thing of the past.
Home Prices Are Going Up Again
with home prices and worried if things will get worse. Well know this, the worst home
price declines are behind us and prices are appreciating nationally.But it’s important to know prices differ depending on where you live. Overall, low inventory and relatively strong buyer demand are going to keep upward pressure on prices. Doug Duncan, SVP and Chief Economist at Fannie Mae, says this about home