Is the Current Market an Opportunity for Homebuyers?
If you tried to buy a home during the COVID pandemic, you know there was a limited supply of homes available. Once conditions improved and homeowners started selling again, there was a release of pent-up market demand. This caused intense bidding wars among buyers, which drove home prices up, once again putting some buyers on the sidelines.
But what was the greatest challenge for homebuyers may now be your greatest opportunity. Current data shows that buyer demand is moderating in the wake of increasing mortgage rates. This shift in the housing market is good news for homebuyers.
Opportunities for Homebuyers
- More houses on the market. Because of moderating housing demand and a good supply of houses on the market, you’ll have more options to choose from. It won’t be as difficult to find your ideal next home.
- The bidding wars have eased. Having more options also leads to less intense bidding wars. Data from the Realtors Confidence Index Survey from the National Association of Realtors shows this trend has already begun. The bidding wars are easing month-over-month.
- Less competition. The survey data also shows that while multiple-offer scenarios are still happening, they’re not as intense as they were during the last year.
If you’ve been outbid before or you’ve struggled to find a home that meets your needs, breathe a welcome sign of relief. Now is the time to partner with a mortgage loan professional, before you even start looking again. First National Bank’s mortgage experts will walk you the prequalification process so that you’ll be shopping for a home that is within your financial budget.
Once you find your dream home, your lender will continue to help you with the loan application process through closing. Before you know it, you will be entertaining friends and family in your new home.
- first-time homebuyer
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