The state of the current housing market.
Want to know The state of the current housing market?
Well Early indicators of homebuying demand show an accelerated pullback last week as mortgage rates shot up to a 15-year high. Home tours fell 7% and mortgage purchase applications declined 13%.
Homebuyers have lost 29% of their purchasing power as the average 30-year-fixed mortgage rate climbed from 2.65% at the start of 2021 to 6.66% today.
So guys, there may be a silver lining for those who are looking to buy a home. With fewer buyers in the market, sellers are often more willing to negotiate on price. Of course, buying a home is still a big decision and it’s important to do your homework before making an offer. However, if you’re patient and willing to take advantage of the current market conditions, you may just find yourself in your dream home.