You just might be pleasantly surprised at how much more affordable homes are right now.
Good Monday Morning!
Both the national and local housing markets are anything but stable right now. The anticipation of some possible further mortgage rate decreases has most home buyers sitting back and waiting, while home sellers are more anxious than ever to have those buyers looking and purchasing their homes. Even though mortgage rates are down slightly, it has not been enough to activate the masses of home buyers who are wanting to buy but either can't afford to buy right now or think that by waiting they might see both lower mortgage rates and lower home prices. Although this is a possibility, it is certainly a gamble.
The truth is that right now may be the best time to purchase a home. Rates are lower, and even though the inventory of homes for sale remains low, homes for sale are taking longer to sell, and many homes are just sitting. This is a far different scenario than what we saw last year and earlier this year, with homes selling rapidly and bidding wards being the rule.
Right now, home prices are coming down, and the potential for negotiating on the price and terms of a home purchase is the best it has been in years. The reality is that if we do see a sizeable reduction in mortgage loan rates in the near future, this will increase buyer demand, and with the already low inventory of homes, this may put us right back to where we were last year with high demand, bidding wars, and higher home prices that eat up any gains that buyers received with lower mortgage rates. My advice right now is that if you are looking to purchase a home, start looking actively again. You just might be pleasantly surprised at how much more affordable homes are right now.
Have An Awesome Week!
Stay Healthy! Stay Safe! Remain Positive! Trust in God!
THIS WEEKS HOT HOME LISTING!
6883 Forsythia Street, Springfield, OR
Price: $529,000 Beds: 4 Baths: 2.5 Sq Ft: 2037
This home offers a spacious main living area with soaring ceilings, a cozy gas fireplace, and large windows providing plenty of natural light throughout. The kitchen is fully equipped with quartz countertops, stainless steel appliances, a functional... View this property >>
