Housing market activity slowed as mortgage rates rose last year. As a result, there were fewer housing offers and more time in the market. This means that some homeowners have decided to put their sales on hold.
But now interest rates are starting to fall and buyers are starting to enter the market again. In fact, the latest data from the Mortgage Bankers Association (MBA) showed him a 7% increase in mortgage applications last week compared to the week before. So if you’re planning to sell your home but aren’t sure if someone will buy it, this market shift could be your chance. About coming, experts say:
Mike Fratantoni, SVP and Chief Economist, MBA:
“Mortgage rates are now at their lowest since September 2022, about 1 percentage point below last fall’s peak mortgage rates. With more homes on the market, it will be more affordable for first-time homebuyers.”
Lawrence Yun, Chief Economist, National Association of Realtors (NAR):
“The upcoming months should see a return of buyers, as mortgage rates appear to have already peaked and have been coming down since mid-November.”
Thomas LaSalvia, Senior Economist, Moody’s Analytics:
“We expect the labor market to remain resilient and wages to continue rising. Perhaps not at the pace of the pandemic, but once interest rates stabilize to some degree, it will open up some opportunities to move into home ownership.”
Sam Khater, Chief Economist, Freddie Mac:
“Homebuyers are waiting for interest rates to drop even more significantly. If that happens, a strong job market and a massive demographic tailwind from millennial renters will support the homebuying market.”
Bottom Line
If you’re thinking of moving, now is the time to prepare to sell your home. Connect so you can learn more about buyer demand in our area, when is the best time to put your home on the market.
Find out why Kaya Homes is the leader in Long Island Real Estate and are your go-to realtor in the Lynbrook, Oceanside, Malverne, Hewlett, Valley Stream, East Rockaway, Woodmere, Cedarhurst, Baldwin, North Woodmere, Woodsburgh, Hewlett Neck Hewlett Harbor, Bellmore,Wantagh,Merrick and Freeport area.
Sat, 04 Feb 2023 00:05:10 +0000
