It is a Buyer Friendly Fall
Here are 5 things to look forward to in the real estate market this fall:
1. Mortgage Rates are the lowest they've been in a long time! "Mortgage rates stayed flat at 6.35% for a 30-year fixed home loan for the week ending Sept. 5, according to Freddie Mac."*
2. Number of Homes For Sale is increasing! "Fresh listings new to the market spiked by 5.5% for the week ending Aug. 31 year over year."* This means that home buyers have more options to consider when out looking for a home.
3. Refinancing will become increasingly popular as mortgage rates dip below what they have been. Home owners who bought with rates in the high 7s might consider financing to lower their monthly payments.
4. More "Sell/Buy" transactions in the market. When mortgage rates were high, many homeowners felt a "lock-in effect" at their home. Even though their home didn't suit them anymore, they didn't want to lose their low mortgage rate. As homeowners have accumulated equity and mortgage rates become more palatable, many homeowners will sell and buy a home that better suits their current needs.
5. Home Buyers will look at houses with a REALTOR with a Buyer Representation Agreement. The new real estate practices are in effect, and now when I show a home to a buyer, I meet with my buyer and get a buyer representation agreement signed before the showing. The Buyer Representation agreement explains and establishes my role as your buyer's agent.
Questions about listing? Do you have a friend or family member who needs a trusted REALTOR? Send them my business card!
Take care and stay cool!
https://www.realtor.com/news/real-estate-news/mortgage-rates-flat-6-35-percent-buyer-friendly-fall-housing-market/
