Spring is in the air, which means the home buying frenzy is in full swing! Interest rates are down, home prices have stabilized and inventory numbers have come back close to their averages. So what does this all mean for home buyers?
The federal reserve has announced they will not be raising interest rates for the rest of the year. That has caused a shift in the market bringing rates back to near historical lows. Usually what that means is we will see a gain in home buying for a market that has been down since the end of 2018.
Coupled with the low rates, there are a ton of homes just waiting to be taken off the market. New home supply reached its highest level in 8 years for the first quarter of 2019. Mostly fueled by the slowness of the higher priced homes selling.
What we have also seen is builders and home flippers focusing on entry level homes to satisfy the biggest buying demographic, Millennial’s.
As a buyer you again have an opportunity to take advantage of cheap money at low interest rates. But be careful, CoreLogic just released a report that still about 40% of the countries largest housing markets are overpriced. Sellers, here is another chance to sell your home and get a premium.
Are you going to take advantage of the low interest rates and start house hunting? If so, check out this video for tips on how to have a stress free home buying experience!