Exclusive Report: Rates Fall, Home Values Dip --What You Need to Know!
There's some great news floating around that might bring some cheer to your house-hunting journey. Here are three points that could brighten your prospects:
1. Mortgage Costs Take a Dip:
In the rollercoaster of rates, here's a silver lining - monthly mortgage costs for the average home saw a pleasant 1.5% drop from October to November. Sure, rates are still above 7%, but this little breather might just make your dream home a tad more affordable.
As a bonus, these lowered costs also contributed to a slight dip in home values. Good news for buyers keeping a close eye on their budget!
2. Inventory is Making a Comeback:
Remember those days of slim pickings in the housing market? Well, sellers seem to be making a comeback! New listings took a hit a while back, but there's a promising upswing - the shortfall has shrunk from a staggering 35% below pre-pandemic norms to just 14%.
While there's still ground to cover, the positive momentum signals a better flow of options for eager home shoppers.
3. Price Cuts Are in Vogue:
Who doesn't love a good deal? Sellers seem to be speaking your language as affordability challenges prompt a wave of price cuts. In November, a whopping 22.6% of listings saw a trim in prices, signaling an opportunity for negotiation.
With agents adjusting strategies to match the pulse of high mortgage rates, buyers might find themselves in a better position to strike a favorable deal.
As we head into the holiday season, the housing market is offering a glimmer of hope for prospective buyers. Take advantage of these shifts and don't hesitate to explore your options. With mortgage costs dipping, inventory climbing, and sellers adjusting strategies, the timing might just be perfect to make your homeownership dreams a reality!