The last few months have felt like a bad relationship where one person keeps calling and texting without the other person returning your messages. Well guess who just called us back… buyers!
According to data from the Mortgage Bankers Association, mortgage applications increased 27.9% in the last week! This is coming off a week where applications for purchasing a home were at the lowest levels since 2014. This is incredibly strong news for the housing market and anyone trying to sell their home. One of the reasons we’re seeing an increase in purchase applications is because mortgage rates are now at their lowest level since September 2022, and about a percentage point below the highest point last fall. All of this is also great news for first-time homebuyers.
The number of active listings in Volusia County is up 62% from last year and mortgage rates are likely to drop into the 5%’s. Unlike the past two years where a house would go on the market and you’d have multiple offers in days. This relationship for buyers and sellers is much healthier, long term, and sustainable. It was as if the relationship with sellers and buyers kept going back and forth and now they’ve agreed to meet in the middle.
So if you were waiting to buy a house thinking another 2008 crash was coming you were likely wrong.
Thanks for reading.
Chris
