A WINDOW OF OPPORTUNITY!
The housing market has clearly been impacted by the fact that mortgage rates are significantly higher now than they were at the beginning of the year. As a result, buyer demand and property sales are returning to a range similar to those seen before to the pandemic.
The return to pre-pandemic levels, however, is not a bad thing. In fact, the years leading up to the pandemic saw some of the best years for the real estate market. It is essential to compare the current housing market with earlier normal years rather than the atypical pandemic years in order to show how the market is still resilient even as it goes through this shift.
Higher Mortgage Rates Are Moderating the Housing Market
According to agents and brokers, the ShowingTime Showing Index monitors the volume of house showings. It's also a reliable indicator of changing consumer demand.
Because of increasing mortgage rates, buyer demand is declining from levels observed over the previous two years, and the real estate craze is waning. Because there is more inventory available, purchasing your future house should be easier for you than it would have been during the pandemic.
Higher Mortgage Rates Slow the Once Frenzied Pace of Home Sales
This year, other changes also started to happen as mortgage rates started to rise. Another illustration is the slowing rate of home sales. Here is a look of existing house sales dating all the way back to 2017 using information from the National Association of Realtors (NAR).
Why Is All of This Good News for You?
Both of those elements have created a window of opportunity for people trying to buy a property and for homeowners looking to move. Housing inventory is able to increase when demand moderates and the rate of home sales lowers, giving you more options for your home search.
Therefore, don't be alarmed by stories that the market is slowing down or stabilizing. The housing market is still robust; it's only starting to cool off from the uncontrollable frenzy it experienced during the height of the pandemic. This is good news. It gives you fresh possibilities to locate a residence that satisfies your wants.
Because of increasing mortgage rates, the housing market is changing, although it is still healthy. If you've been trying to buy a house over the past few years but it seemed impossible, this could be your chance. Although it's difficult to buy a property right now, there are more opportunities for those who are looking.
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