Are You Wondering If Now Is the Right Time to Buy a Home?

Are You Wondering If Now Is the Right Time to Buy a Home?

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The window of opportunity for homebuyers may be opening, but it could close sooner than you think. After months of sitting on the sidelines, many potential buyers who were priced out by high mortgage rates and affordability challenges finally have a chance to make their move. With rates trending down and inventory on the rise, today’s market is a sweet spot for buyers—and it’s one that may not last long.

Currently, mortgage rates are hovering in the low 6% range. Experts project that if rates continue to ease, more buyers will jump back into the market. A recent survey from Bankrate shows that over half of homeowners would be motivated to buy this year if rates drop below 6%. We’re not terribly far off from hitting that threshold, which could trigger a surge in buyer demand.

As Nadia Evangelou, Senior Economist and Director of Real Estate Research at the National Association of Realtors (NAR), explains: “The downside of increased demand is that it puts upward pressure on home prices as multiple buyers compete for a limited number of homes. In markets with ongoing housing shortages, this price increase can offset some of the affordability gains from lower mortgage rates.”

Right now, you have the chance to get ahead of these potential changes and capitalize on less competition, allowing you to negotiate better terms on your future home.

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If you’re ready to take advantage of today’s market conditions before prices rise, let’s talk. I’d love to help you navigate your options and find your perfect home.

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As always, thank you for reading from all of us at Matt Engen Group!

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