If you’ve been on the fence about buying a home, we have some excellent news for you! Recent changes in the market have made it an ideal time to purchase a home. So what changes have occurred that make us so confident?
Bidding wars have gone down significantly, even in the most competitive areas! Read on to find out more and if you haven’t already applied for a home loan application, click on over to our homepage to get started today!
Since early this Spring, we’ve seen a downward trend in bidding wars. This drop was likely triggered mortgage rates that crept up higher starting late last year. Though mortgage rates are still on the low end of the spectrum when looking at trends over the past ten years, the slightly higher rates were enough to put investors on ice and make some homebuyers hesitant.
The result is a much less competitive housing market! There’s been an overall 61 percent drop in “bidding wars” across the country --and that’s not all.
This Spring, houses are staying on the market two days longer than they did during the winter months. This change may not seem like much, but we haven’t seen an increase like this since January of 2015!
With houses on the market longer than they have been in years past, housing supply is up, further contributing to a less competitive market. Even areas that are notorious for bidding wars, such as San Fransisco and Boston, have seen a dramatic decrease in receiving multiple offers per home.
Rates have also gone down. So despite home prices remaining on the higher end, home shoppers can still get a great deal.
To Recap on Our Current Less Competitive Housing Market:
What this overall drop means that you have more options and negotiating power in buying the home you want, in the area you want, and at a monthly payment you can afford.
Just like the weather, home sales heat up during the summer. We recommend you apply NOW, lock in the rate, and start your home shopping before summer is in full swing. It’s easy to get started and can be completed online.
Yes! Applying for a home loan really is that simple.