Buyer Burnout Slowing Down
The housing market shift toward buyers is ramping up. It was just 2 to 3 months ago where the majority of listings received multiple offers within hours and today we are finally seeing some relief. If you experienced buyer fatigue in the spring, this fall may be your opportunity! Much of the buyer burnout can be attributed to rapidly increasing prices, bidding wars, and higher rates. However, each of those categories have improved over the past 60 days. Home prices are still maintaining their value while cooling off the vertical trajectory we saw in the previous couple years. Bidding wars were responsible for the sharp climb in prices but data now shows that the number of homes facing multiple offers has been cut in half. Lastly, mortgage rates have dropped by nearly ¾ of a percent since the highs in June. Ultimately your going to hear words like recession, bubble, and crash. But those that focus on the opportunity just may end up with their dream home this fall. Give us a call if you’re ready to buy!