2.What’s the Deal with Mortgage Rates?
This includes trying to time the market or guess what the future holds for mortgage rates. As states: The best advice for your move is this: don’t try to control what you can’t control. Since October of 2022, rates have been between 6% and 8%. The rates we experienced a few years ago, like 3%, are now a thing of the past. But beyond that, no one knows for sure where mortgage rates will go from here. Even the experts can’t say with certainty what’s going to happen next.
CBS News
“If you’re in the market for a new home, experts typically recommend
focusing your search on the right home purchase — not the interest rate environment.”
3. What Does Low Housing Inventory Mean for My Move?
Housing inventory is measured by the number of available homes on the market. It’s also measured by months’ supply, meaning the number of months it would take to sell all those available homes based on current demand. Bankrate says this about inventory: “Traditional wisdom states that the real estate market needs 5 to 6 months of housing supply to be balanced, or not leaning toward either a buyer’s market or seller’s market.” National Association of Realtors Home sales data from the (NAR) shows inventory at a 3.6-month supply as of October. With inventory this low, it’s important to consider all housing types as you look for affordable options. Working with a professional can help you in your search.
Bottom Line
Let's get in touch, so you have an expert to answer all your questions about the housing market. We'll discuss your goals and what's happening in our local area, so you'll have the information you need to make a smart and confident decision.
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