If you’ve followed my blog posts, you’ll understand that I’m always honest about the state of the housing market. Today, I have some great news for home buyers: now is the time to buy! Why do I say that?
For the past two months, mortgage rates have begun to decline. They were in the low 8% range in September/October, but today they are in the low 7% range. This means that buying a home is becoming more affordable.
Sellers have been on the market for longer than they’d like, causing them to be a bit anxious and willing to reduce their list price or negotiate with buyers. The average days on market have increased 29% in the last year. This means that you have more bargaining power as a buyer.
According to ShowingTime, showings have decreased by 18%. As a buyer, you are facing less competition than you would have faced a few months ago.
Inventory has increased 54% from this time last year. This means that you have many more options to look at and choose from.
So, I ask any of you who are on the fence: why not now? Why wait until others start looking in the spring? What’s the point of waiting when the market is shifting back towards sellers? Take advantage of the current market conditions and make your move today!“
Thanks for reading,
Chris
