Why did more people decide to sell their homes recently?
Homeowners typically slow down their moving plans as the summer months wrap up, and as a result, fewer homes are listed for sale in the fall. It’s a predictable, seasonal trend in real estate. But this year, mortgage rates came down at the same time the number of homes on the market usually starts to decline. So, what happened? More homeowners decided to sell, so more homes came to the market. The most recent data from Realtor.com reveals that in September, the number of homes put up for sale increased by 11.6% compared to this time last year. As the green circle in the graph below shows, the typical September decline in homes coming to the market didn’t happen – that number actually went up (see graph below): Ralph McLaughlin, Senior Economist at Realtor.com, explains why there was an unseasonable rise: “This sharp increase is largely due to the decline in mortgage rates in mid-August, enticing homeowners to sell.” So, as rates came down at the end of the summer, more people jumped into the market and decided to make their move. What Does This Mean If You’re Looking To Buy a Home? It means more fresh options to choose from than you’ve had in a while – not the ones that have been sitting around, unsold. But keep in mind, mortgage rates have been volatile lately, ticking up slightly in recent weeks, which could limit the number of people who feel comfortable with the idea of selling in the months ahead. And in this market, it’s mortgage rates that are largely driving homeowner decisions. Why Buy Now, Rather Than Wait? Whether you're looking for a starter home, an upgrade, or hoping to downsize, you have more homes to choose from right now. And if you can find what you’re looking for, know that these new, fresh options won’t be on the market forever. So, staying on top of what’s available in your local area with a trusted agent is key. And remember, one month doesn’t make a trend. So, what does that mean going forward? Whether more homeowners than normal continue to put their houses on the market will largely depend on what happens with mortgage rates and the economic factors that impact them, like inflation, employment, and the reactions by the Federal Reserve. With that in mind, now might be your moment, while more homes are available – if you’re ready, willing, and able to buy this fall. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains: “The rise in inventory – and, more technically, the accompanying months’ supply – implies home buyers are in a much-improved position to find the right home and at more favorable prices.” Bottom Line As rates came down at the end of the summer, sellers started to trickle back into the market, which means buyers have more choices right now. Let’s connect to make sure you have a trusted advisor to help you navigate the new options before they’re all scooped up.
90 Day to Homeowner Challenge! Starts in October!
Ready to Become a Homeowner in 90 Days? The Challenge Starts NOW! Have you been dreaming of owning your own home but feel overwhelmed by the process? Are you ready to take concrete steps towards making that dream a reality? If you answered "yes" to either of these questions, then I invite you to join my 90-Day Homeowner Challenge starting this October! What is the 90-Day Homeowner Challenge? It's a step-by-step program designed to guide you through the entire home-buying process, from getting your finances in order to closing on your dream home. Over the course of 90 days, you'll receive: Weekly action steps: Clear, actionable tasks to keep you on track and moving forward. Expert tips & resources: Insider knowledge and helpful tools to navigate the complexities of buying a home. Community support: Connect with other motivated individuals on the same journey, share your experiences, and encourage each other along the way. Why should you join? Gain clarity and confidence: Demystify the home-buying process and feel empowered to make informed decisions. Accelerate your progress: Stay focused and motivated with a clear roadmap and timeline. Achieve your goal: Turn your dream of homeownership into a reality within 90 days! How to get started: Sign up today! Visit my website and register for the 90-Day Homeowner Challenge. Receive your guide: Get your comprehensive guide to the challenge ahead of time so you can start preparing. Mark your calendar: The challenge officially kicks off in October 1st, so get ready to embark on this exciting journey! Don't wait any longer! Take the first step towards homeownership today. Sign up for the 90-Day Homeowner Challenge and let's make your dream a reality! Sign up now on my website! P.S. Spaces are limited, so don't miss out! Register today and let's get started on your path to homeownership.
Why a Pre-Approval?
Thinking about buying a home? Get pre-approved first! With more homes on the market and mortgage rates dropping, you might be feeling like it's finally time to buy. But before you start house hunting, get pre-approved for a mortgage. What's pre-approval? It's when a lender checks out your finances - things like your income, credit score, and savings - to see how much they're willing to loan you. You'll get a pre-approval letter that shows what you can afford. Why is pre-approval so important? 1. Know Your Numbers Even though it's getting a little easier to afford a home, it's still tough out there. Talk to a lender about your loan options and how those changing mortgage rates will affect your monthly payment. Pre-approval helps you figure out the max you can borrow and what your monthly payment will look like. Use this info to focus your home search on places that fit your budget. With rates a bit lower, you might be able to afford a bit more than you thought, but don't overstretch yourself. 2. Make Your Offer Stand Out When you find that perfect home, pre-approval gives your offer a boost. It shows sellers you're serious and have already been checked out financially. That makes them more likely to accept your offer. More buyers are coming back As rates drop, more buyers will be ready to jump back into the market. Competition could heat up, especially in popular areas. So, give yourself an advantage by getting pre-approved. Bottom Line If you're planning to buy, get pre-approved early on. It helps you understand what you can afford and makes you a more attractive buyer to sellers. Let's connect! Book a call or meeting with me at 571-259-3009 or visiting my Calendly link in BIO.
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