A Hot Time To Buy

Buyers! It is your time! If the market stressed you out earlier this year, welcome to calmer waters.

Active inventory is up 10-15% week over week. Price reductions are also up 40%. List price transactions are more common. The days of $100K cash over asking price offers are waning. Appraisal gaps in offers are less common and appraisals are more in line with contract prices.

All of this being said… we are not expecting a market correction or interest rates to go down. Home prices still rose almost 1% in July. The FED is still trying to adjust for inflation and we saw some of the most significant single-week mortgage rate increases because of it. Because of this, lots of lenders are offering a 2/1 buydown, meaning in year 1 of your loan, your interest rate will be 2% lower, the 2nd year it will be 1% lower, and in year 3 you settle into your rate, allowing you some time to adjust for the increased payment. There is an infographic below with plenty of details if you’re interested.

Below that infographic are the market trends from June from DMAR. If you have questions about these stats, I’d love to connect with you.