The housing market is in transition. For years, there’s been a shortage of homes for sale and an abundance of buyers. But elevated buyer demand – fueled, in part, by historically low mortgage rates – slowed this spring when mortgage rates increased and caused some buyers to hit pause on their buying plans. Affordability conditions have become more challenging. That much is true. But, in some other ways, the market’s gotten better for buyers. In fact, summer buyers may actually be able to benefit from the recently changing market. How so?
Buyers Benefits in the Changing Market
Well, for one, options. The inventory of homes for sale is improving. That not only provides buyers with more homes to choose from but also means there will likely be less competition and fewer bidding wars. Time on market has also improved. Buyers will find they have a little more time to make decisions, since there are fewer buyers competing for the same homes. With homes for sale lingering longer on the market, buyers will finally get some relief from the stressful pace of the past few years. Put simply, the housing market is rebalancing but changing conditions don’t necessarily mean bad news for buyers. Follow the link for more information.
Here at A1 Mortgage, we know how important it is to choose the right house for you and your companion. We have the responsibility to provide you with the best products and the highest level of customer service possible. With hundreds of loan programs available, we tailor a loan specific to your needs. So come get pre-approved and start shopping for your dream home by clicking here!