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Did you know that over recent years, more than 40 million people in the United States move each year?
The housing market has been competitive and if you’re on the hunt for a new home, you might be in luck.
If you’re planning to list your home or want to buy one, there are a few trends to consider for the remainder of the year.
Keep reading to discover what the Q3 trends are looking like to determine if it’s a buyer’s market or seller’s market!
Uptick in Inventory
One of the biggest reasons it’s becoming a buyer’s market is that there’s an uptick in inventory.
More homes are getting added to the market without being sold. This gives more options to the buyers, and they often come at a much cheaper price. Unfortunately, many homes listed on the market require renovations and landscaping improvements.
Home buyers should take the time to compare options and find the most reasonable home.
Lower Prices Around the Corner
Home prices have been at an all-time high as people are over-bid on their dream properties.
Fortunately, there seems to be a silver lining and the high prices will begin to reduce. As more homes enter the market and stay, the prices are getting lowered. Pay attention to mortgage rates, however, which have also been increasing.
Better Options for New Homeowners
If you’re a first-time homebuyer, you may have had struggles finding a place recently.
The end of 2022 is a great time for first-time homebuyers to start working with banks. There are several programs available for people who have never owned a home before.
Using the first-time buyer benefit will help you get pre-approved for more homes. It is also a great program since you’ll have less tax to pay in the long term.
Mortgage Rates Will Stabilize
Although mortgage rates won’t be at their lowest during Q3, they will begin stabilizing.
Lower rates are becoming more common as fears of a recession continue to build. If you want to take advantage of these rates, Integrity Home Buyers can help. You can refinance or get a new mortgage that will be manageable during unpredictable financial times.
Some experts predict that 30-year fixed mortgage loans will be less than 6% during the third quarter. There is an upcoming Federal meeting, however, that could influence this rate.
Are You Hoping for a Buyer’s Market?
If you are on the hunt for a new home and hoping that it’s a buyer’s market, this year’s trends can help you prepare.
By understanding where the market is, you can find the most affordable home at the best time. In recent years, it’s been a seller’s market as buyers have been overbidding on homes just to find somewhere to live.
The control is back in the hands of buyers, and now is the best time to look for a home if you don’t need to sell.
If you want to learn more about how to buy or sell your home, check out our blog for the latest content!