If you want to buy a home this summer, don’t assume that the rising home prices and mortgage rates that have become the norm are here to stay. It would be wise to keep an eye out and see what happens because things are changing. Staggering results aren’t expected, but noticeable trends seem to be developing that could influence your buying decisions.
There are fewer people able to buy homes due to high home prices and the state of the economy, so the market is shifting a little more toward the buyer-friendly side than it has been for those who are in a position to buy. There still aren’t a wealth of homes available, but there are also fewer people who can buy them.
Price Growth is Slowing
The painful price rate rise that we’ve been seeing is slowing, and the real estate listing site, Refin, is showing that almost one in five of its sellers are selling with price cuts. So, while home prices are still high, they are not continuing to rise like they were.
Inventory is Rising
More homes are going on the market than there have been in some time. While these numbers are nowhere near what they were before the pandemic, we are seeing a notable increase. This means you are more likely to find your perfect home this summer.
Peak Buying Season
Late spring and early summer are always peak times for home buying because people with families want to move while school is out. This means you are likely to see lower rates and less competition in the latter half of the summer on large homes. Those looking to downsize or for smaller-sized homes may have more freedom to buy whenever they choose.
The cost of new construction homes remains painfully high because as inflation remains high, so do construction costs. This continues to put a strain on the number of homes available and to influence buying decisions.
The time it takes sellers to sell their homes has not changed. The average selling time is seven days, as it usually is.
Call Wendy Gimpel Today!
There are unique challenges to buying a home at this time, but Wendy Gimpel is the perfect real estate agent to help you find and buy your perfect luxury home in the St. Croix Valley area. She has a strong reputation for discovering what her clients want and finding it for them. Contact her today to get started!