12/13/2023
The market is changing right before our eyes!
Over the last 19 months, the market has been essentially in a free fall. House prices are down over 14% compared to 2021, interest rates have skyrocketed over 7% from 4% the previous year, home sales have plummeted heavily. As of November, this is no longer the case.
Interest rates are dropping, house sales are increasing, and home prices are stabilizing. This next year is going to be HUGE for the sellers market after taking an absolute beating for the last year and a half. What does this mean for buyers and sellers?
1. Sellers are going to finally have some say when it comes to selling their home, and be able to take their fair share when it comes to closing.
2. Buyers are still able to buy at lower prices than the prior 2 years, but they'll also be able to take advantage of lower interest rates!
This is a perfect sweet spot for those who have been putting off buying or selling. Rates are projected to drop below 6% by the summer time!
As of right now, new home builders are offering major incentives to stay ahead of the curve in the form of price drops, rate buy downs, and closing cost incentives. If you're in the position to be able to buy a home, you're in the most unique situation since 2008, it's time to pull the trigger.
This is the time that in 5 years, people will look back and wish they purchased during this dip!
Interested in more information? Contact me today! I'm happy to help!