3 Reasons to Buy a Home in a Shifting Market
Is it a good thing to buy a home as the market is shifting?
According to Ryan Haley, broker and owner of Atlantic Shores Sotheyby’s International Realy, there are three reasons to buy a home in a shifting real estate market.
1. Less Multiple Offer Situations
If we go back to April of this year, on average, we would expect to see five and a half offers on a home when it came on the market.
Fast forward to June of this year, and that number is down to three and a half offers on average per home that comes on the market
Because there are fewer multiple offer situations, this then led to the second reason to buy…
2. Fewer Prices Going Over the List Price
In April of this year, 61% of all homes sold over their list price, whereas in June, we saw that down to 51% of all homes selling over their list price.
3. More Options
Probably, the best reason to buy right now in a shifting real estate market is that there are more options. We have seen inventory increase. In fact, we are currently up to about three months inventory in many markets throughout the country.
Bonus: Interest Rates Declining
One little bonus thing to think about is that interest rates have actually come back down and at the time of this recording, our mortgage interest rates are at the lowest level that they have been since April of 2022.