It's a great time to find your home sweet home!
If you've been looking to up/downsize, find your first home or spruce up your investment portfolio, we are right in the middle of housing market prime-time for Buyers.
While there are several factors contributing to the market shift, there are a few profound and resounding ones that shoulder a majority of the responsibility. The first of these factors include the steady decline in mortgage interest rates, as they are the lowest they have been in the past three years. Although the lower interest rates can be attributed to global economic uncertainties, the housing market is expected to remain relatively stable. Furthermore, the low interest rate environment is favorable for those looking to refinance their current mortgages.
In addition to low interest rates, the decreasing quantity of buyers in the market has subsequently diminished the amount of bidding wars that occur on properties. This means that buyers are having more luck landing their dream homes for their dream price. Because other bidders are not inflating the prices of high-demand homes, Buyers can be sure they will find a home within their preferred price range.
The last factor contributing to the housing market shift in favor of Buyers is the amount of high quantity of homes currently listed. The increased supply of homes for sale is allowing homebuyers the luxury of taking more time to contemplate the decision. Houses are typically sitting on the market for a slightly longer time-frame, meaning you have more time and freedom to make the best choice for yourself and your family.