I’m joined today by Michelle Piccinini of New American Funding, who will be giving us a quick update on our market.
If you were looking at buying a home 10 months ago, you probably didn’t have a great experience. You were likely battling multiple offers from other buyers and dealing with sellers who held all the power in a transaction.
Things have changed.
We’re seeing a shift toward a buyer’s market once again. There are around 1,500 homes on the market currently, which is a huge increase in inventory compared to 500 we saw five months ago. You now have more opportunity and less competition; mortgage interest rates are about 1% higher than at the beginning of the year, but these rates are holding steady for now. Keep in mind, we’re still at a 60-year low for interest rates.
If you held off on buying earlier this year, now is the time to get back in the market. You have more power and more control, so take advantage of it! We’re predicting at least two rate hikes in 2019, and these increases will cause your purchasing power to go down.
If you have any questions or are looking for more information, feel free to reach out to us. We look forward to hearing from you.