How The Changing Market Is Leading To Many Opportunities For Homebuyers

It Is Still A Great Time to Buy

You may have heard several things about what is going on with today’s housing market. You may have heard that the housing market has had a downturn, or you may have heard that it is too late to buy because interest rates are up. Regardless of what you have heard on the news, now is still a great time to buy a home. The housing market changes according to interest rates, the economy, and the general sentiment of home buyers and sellers. As you read this article, you will get a better understanding of what is going on with today’s housing market.

What Higher Mortgage Rates Means For You

Mortgage rates are the highest that they have been since the pandemic. According to Freddie Mac, ‘ housing rates were at about 3.1% at the end of the fourth quarter in 2021, and they are expected to rise to 3.8% by the fourth quarter in 2022.’ This rise in percentage is significant because a slight increase in mortgage rates translates to a large increase in mortgage payments. Due to this increase, fewer homes are being sold, but the market is still robust. This may seem like something negative, but if you are interested in buying a home, this means that you will have more inventory and less competition. Higher mortgage rates are a good thing for home buyers. The market was in a complete frenzy at the height of the pandemic, but the fact that things are cooling down means that you have a great opportunity to find the home that your family needs.

More Benefits to a Moderated Housing Market

During the past few years, the showings on homes were astronomical. In the winter of 2021, the rate of home showings had almost doubled the year before, and now the showings have come down greatly. Savvy home sellers benefited from the market trends during the pandemic years, and they were able to sell their homes for above market value. As the interest rates go up, homebuyers are less willing and less able to buy homes that are priced too high. This means that home sellers are going to have to sell their homes for reasonable prices. This does not mean that home sales are not going to be fair, it just means that prices have to be reasonable. If you are looking for homes for sale in Lakeland, then you are going to find that homes will have reasonable prices that are according to their true estimated value.

Now Is A Great Time To Buy

If you are in the market to buy a home, don’t believe all of the hype that you have heard from the media. Now is a great time to buy. You will find that there are more options available when it comes to choosing your home, and you may even find that homeowners will be more willing to work with you and your budget. Do not be discouraged by fake news. The house of your dreams is waiting, so get out there and find it.