I’ve been asked repeatedly if interest rates will be going down, or have had clients say they would like to wait for the 3-4% interest rates on a home loan before purchasing. Unfortunately, we may not see that low interest rate again for decades. Those low interest rates during the pandemic were to keep the economy afloat while the central bank was buying up billion’s worth of mortgage backed securities. During that time, there were so many buyers, that there was usually a lot of competition for the same house. We were seeing prices escalated on offers to increase the chance of the offer being accepted.
All that said, if you were to buy a home now with the current interest rate, you would most likely be getting a home for less. The price of an average home dropped 2.5% in November across the state. There are now more sellers offering to help buyers with additional funds at closing to buy down points for lower interest. Also seeing help with closing costs to make home purchasing more cost effective for some buyers whose loan pre approval was affected by the rising interest rates. This is still a great time to buy or sell a home with less competition and home prices coming down a bit. I listed a home in Mount Vernon, in October that pended in 14 days!
So, whether you are in the market to purchase a home or would like to sell your current home, this is still a good market. There are a lot of buyers looking for a home, and new listings are down about 23%! If you are looking for a new home, whether downsizing or needing a bigger, I’m happy to help. With the upcoming holidays, schedules can get a little crazy. As a realtor, I’m able to schedule appointments to view homes at your convenience and can usually be flexible with time of day!
I’ve always enjoyed showing homes, and keep up with any new listings coming on the market daily. Also set my client’s up on our multiple listing service with their email, so that any new listings in set parameters show up right away. If you happen to live out of state and want to know or see a home that is listed, I can do a video walkthrough. Once we’ve established what you are wanting in a home, it becomes a lot easier to recommend homes that may appeal to you.
