Your Buying Opportunity May Be Here – Don’t Wait!

Buyers, here's the latest on the housing market and what it means for your home search. As of today, the median U.S. sale price has risen by 5% year-over-year, but we're beginning to see signs that this growth may slow down for the remainder of the year.

Despite being in a higher mortgage rate environment this year, the U.S. home prices hit an all-time high of $397,482. Why? It’s largely due to the ongoing low inventory, which continues to push prices up and slow sales. However, recent data suggests that as we move into the Fall, we might see prices ease a bit. Homes are sitting on the market longer than usual, signaling potential price adjustments to move inventory.

What does this mean for you as a buyer? If you’ve been feeling the pinch of affordability, now could be the time to negotiate better terms in your favor, including price reductions. While challenges remain, some of the hurdles buyers have faced are starting to ease. A huge one being that recently, interest rates hit a 52-week low. If you’ve been waiting for the right moment to re-enter the market, this could be it—Look at this as a window of time and opportunity. If interest rates continue on a downward trend as projected, and more buyers catch onto these shifts, competition is likely to rise again.

For more personalized insights on local inventory, pricing, or to craft a strategy tailored to your needs, I am are here to help. Navigating the market with the support of an experienced agent can make all the difference for your long-term investment. Reach out today, and let’s get started on your path to homeownership.