For several years, we’ve been in a seller’s market. Prices kept rising, demand was high, and bidding wars were common. In some cases, this could be frustrating for buyers who were competing against other buyers.
Now, though, it appears our market is shifting and becoming more favorable toward buyers. Home price growth has slowed, and prices are currently at the same point they were at this time last year. Home loan applications have also decreased by 17% since this time last year. On top of that, homes are staying on the market for about two weeks longer than at this point in 2018.
If you’re a homebuyer, it might seem like a good idea to wait until prices decrease even further, but I’m not sure that’s the case.
For one thing, interest rates are expected to continue increasing, and this increase may offset what you might save if prices keep declining. Secondly, prices are usually the lowest they’ll be all year right now—typically, they go up during the spring and summer.
If you take these factors into consideration, you might be better off now before the market gets fired up once the weather turns.
If you’re a homeowner thinking of upsizing or downsizing, now might be a great time to sell, tap into all the equity you have, and take advantage of low interest rates.
If you have any other questions about our market or you’d like to get started with your home buying or home selling journey, don’t hesitate to reach out to me. I’d be happy to help you.