1. Rates are still ridiculously low, we haven't seen rates like this since the 1950's!
2. Home prices are stabilizing.
3. Move up buyers can pay less per month for a larger house in the same city!
1. Lower inventory levels = less competition (until spring rolls around other sellers list their homes).
2. Appreciation will most likely occur in the first 4 months of this year due to low inventory levels. More homes on the market = flat appreciation, so list now to get while the getting is good!
Overall, expectations between buyers and sellers are readjusting. Sellers are more likely to reduce their list prices and sell below the list price as the market competition wanes. Buyers are, on the other hand, in a good position as they do not have to compete with as many bidders as they did last year. All things considered, housing market appears to be moving to a greater balance.
Take a look at the graphic below to see how even a slight shift upwards in interest rates can affect your ability to purchase or move up into the home of your dreams. I work closely with several trustworthy lenders who will be more than happy to consult with you to walk you through your financing options. You may qualify for down payment assistance or other special programs that you are not even aware of, but how will you know unless you take that first step?
Need I say more?? If you have been on the fence, now is the time to get off and make your move. Literally!