With interest rates creeping towards 7% and home prices remaining high, it may not appear to be the best time to buy or sell. However, there are opportunities in every market. Here are three reasons buying a home now may be the right choice for you.
Competition is calmer
With more people putting their home search on hold and waiting (and hoping) for interest rates and prices to come down, those still in the buying mode may have an advantage. Multiple offers and bidding wars are not as prevalent as they have been, even a few months ago. No one has a crystal ball on which direction interest rates and home prices will go. If you’re ready for a change, then now is the right time.
Increase in supply
Depending on the area, there may be more homes on the market giving buyers more options than previously. For example, the single-family home inventory in Newton is up 26% versus a year ago and properties are not selling as quickly.
Opportunity to Negotiate
A look at single-family homes year-to-date in Newton shows that 23% of listings had price changes. This suggests that buyers in some instances may have an opportunity to negotiate the price. Understanding the dynamics of the market(s) you’re exploring will be key to a successful outcome.
If you’re considering buying a home, contact me and let’s talk set up a consultation!