HusVar Real Estate has crunched the numbers and looked at housing trends over the years, and we can tell you, YES, now is a great time to purchased a home.
• Mortgage rates likely crested around Labor Day
• Fewer offers per home give buyers more control
• Home sellers are cutting prices after 14 days
Plus, due to a recent change in credit scoring the average U.S. consumer added 22 points to their credit score. A higher credit score makes homeownership more affordable.
Here are the facts:
- Mortgage Rates Expected To Drop
Conventional 30-year fixed rate mortgage rates rose 0.76 percentage points in the three weeks leading into the Fall. It’s the 15th-fastest mortgage rate increase in the last 50 years. As history shows, when rates rise sharply, they tend to drop sharply, too. Also, since 2007, 30-year mortgage rates dropped 86 percent of the time in the fourth quarter.
- Less Competition For Homes For Sale
According to the National Association of REALTORS®, there are more homes for sale now than during any point in the last twelve months. Plus, those homes for sale are getting half as many offers as compared to Spring 2022 – and sellers notice it. Buyers may now have the advantage.
Unlike earlier this year, today’s buyers can underbid a home and make offers that include necessary contingencies such as mortgage, appraisal, and home inspection. With fewer offers per listing, sellers are more willing to negotiate.
- Sellers Are Willing To Cut Prices
So far this season, nearly half of all home sellers have lowered their home’s asking price – one-third more than typical, according to Buffalo Niagara Association or REALTORS® stats.
Sellers are learning that today’s real estate market won’t support an overpriced home. Right-priced homes sell quickly. Mis-priced homes sit on the market.
If you’re still not convinced, give HusVar Real Estate a call. One of our WNY real estate experts will happily offer a personalized pros & cons list for your specific goals. We also offer a no-obligation market analysis for your current home.
Call 716-362-2373, or stop by 501 John James Audubon Pkwy, Ste 110 Amherst, NY 14228