Are you thinking about buying a home? Now may be the perfect time to do so! The real estate market is heating up again, as more and more buyers are emerging from their self-imposed hiatus.
According to the Mortgage Bankers Association (MBA), the volume of mortgage applications for home purchases rose 25% week over week for the week ending January 13,2023. Additionally, housing sentiment is on the rise, according to the Fannie Mae Home Purchase Sentiment index. And, home builders are reporting an increase in buyer traffic in January, the first uptick since December 2021. All of these signs point to a market that is starting to pick up steam again.
But, why now?
Well, these buyers may be hoping to get in on the action before the spring-buying season attracts more competition. They want to reap the rewards of a more favorable market, like seller incentives and lower mortgage rates. Plus, with mortgage rates at a dip and home prices softening, buyers have more bargaining power and room to negotiate.
So, what does this mean for you?
If you're a first-time buyer, now may be the perfect time for you to jump in the market. With interest rates more favorable for first-time buyers and home prices softening, you may have more room to make an offer and snag your dream home. And, for those who are looking for a deal, buyers are submitting offers with big discounts and making the seller make a decision - and it seems to be working!
In short, the real estate market is starting to pick up again, and buyers are taking advantage of the opportunity to get in on the action before the spring-buying season attracts more competition.
So, if you're thinking about buying a home, now may be the time to do it. Happy house hunting!
Looking for an agent to get in on the action? Check out Choosi and find the best agent for you.