Fascinating stats for our shifting market, and though there are almost double the months of inventory available this year as compared to last, it’s still pretty low:
new listings are down and there have been fewer homes sold, which means that the buying frenzy has definitely cooled.
Prices continue to rise but at a slower rate, and homes on the market are taking 20-30% longer to sell than this time last year. Translation?
Sellers still have the opportunity to see a great return on their investment, but are making more concessions to buyers, especially when it comes to rate buydowns and credits towards closing costs. Buyers have the chance to take a little more time with their choices, and while interest rates aren’t as historically low as they once were, lenders have some fantastic options available to get you into a home. Remember: marry the house, date the rate! Ask YOUR favorite lender about an ARM or points buy down possibilities, and message me anytime for more info!