If the last few years in real estate has taught us anything, it’s that the market can change rapidly and be hard to predict. After a hot spring market last year, rising interest rates caused it to slow down somewhat throughout the fall, allowing buyers to have a little more time before submitting an offer and a little more leverage in negotiating.
Since then, interest rates have started coming down. We anticipate that if rates stay where they are or continue to lower, house prices will go up again. We continue to see low inventory in our area (more buyers than homes) which keeps those prices up compared to some other areas in the US.
If you are hoping to buy soon, I highly recommend that you meet with a lender to understand how much you are qualified for, what your monthly payments would look like and what you can afford in today’s market. And then we can start looking at what is available now and either find something while it is slower or be really prepared for when things heat up.
I would love to connect you to one of my favorite mortgage lenders. Reach out to me by phone or email and we’ll get you started!