Don’t Wait to Purchase Your Dream Home
Mortgage rates have declined from the highs reached late last year. You may be wondering if you should wait for them to drop further before
Source MSB HIGHWAY
Families want their children to enter a new class at the beginning of the school year to more easily form friendships. This means they would have to close on the purchase of their new home before September. Naturally, they would have to list their existing home for sale during the spring and summer months to accomplish this, which explains why the inventory build occurs this time each year.
Additionally, the amount of existing homes for sale currently is less than half of what was available pre-Covid. So, the increase we have seen is actually from a historic low. And of those homes counted in inventory, more than half are under contract. This means true available inventory is even less than the headline.
The increase in inventory from such low levels isn’t all bad, as it makes purchasing a home a little easier. And while demand has cooled, it is highly unlikely that the housing fears in the media will materialize. To see what the appreciation forecast is in your local market, contact us today!
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