|What Those Stats Above Are Telling Us….|
|As you can see in the graphic above this is a great time to be either a buyer or a seller. Mortgage rates while up… are still pretty low overall. As you can also see in the Active Inventory box and the Median Percent Of List Price Recieved box …. inventory is up and with it more competition from other sellers in the market. These stats are also showing that most homes are still selling for what the sellers want without the sellers having to settle for less to get the home sold. The Median Time Contract box shows that homes are still recieving an accepted offer in under 10 days. That is still really, really fast. Just because there is more competition, doesnt mean homes are sitting a long time and that the prices are coming down quickly any time soon. These numbers also show that this is also a great time to buy, because more competition from sellers means more choices for buyers and less chances of bidding wars and rushed decisions. While more homes are out there to choose from,,,, there still is a shortage homes overall, which is good news for sellers because it will keep the prices from falling too much when they do go down at all.|
I know there are many buyers out there on a wait and see approach because they are worried about rates going up more… but if we can get them stabilized like Mr. McBride thinks they will…. alot of them can get off the fence and know better where they stand.
Here is a quote for people worried about rates going up even more when the Fed has their next meeting…. According to Bankrate.com and Greg McBride, CFA, Bankrate’s chief financial analyst, he foresees slightly lower rates by the quarter’s conclusion.“Aggressive Fed action and growing fears of recession will bring mortgage rates lower, with the average 30-year fixed falling to 5.25 percent and the average 15-year fixed to 4.35 percent by the end of September,” he says. “Any evidence of inflation receding will help with lower mortgage rates, too.”While Mr. McBride is not the final decision maker about these matters and doesnt work for the Fed…. many others in similar positions as his agree with his forecast.
As for the would be sellers… if they are on the fence, they should get off and get in the market. Signs are pointing out that we are near the top of the roller coaster ride, prices and values are about as high as they are going to be and probably wont get much higher quickly. Home prices will still go up for a while, but at a much slower rate. There will be exceptions of course, but as a whole we seem to be steadying out and straightening the home pricing rocket ship.
The New Pending Sales box is showing that Summer has been slower and looks to be back to slowing down this time of year every year, like a usual housing cycle. The pandemic had changed that for a bit, but for now it looks like we might be moving into an even slower market for a bit that will pick back up in the fall like a normal housing market cycle, as people get back from vacations and school gets back in session.
Hopefully this is good news and helpful for most of you out there. Again a lot of this news is similar to last weeks thoughts but now I am showing it to you with even more local area data.
Give me call if you would like to discuss buying or selling a home…. or if you just have questions about buying or selling one in the far future, or even questions about the housing market in general or how the whole buying and selling process works. Dont be afraid to ask! The market and the process of buying or selling can be tricky…. I love to help and there is no point in making what in most peoples lives is their biggest financial decision… without at least asking for a little help.
Orlando Homes For Sale– Todd Mowry Realtor. Specializing in Real Estate in Orlando, Winter Park, Golden Rod Area, Maitland, Waterford Lakes and surroundingcommunities. I have over 10 years of experience in advising buyers and sellers on how to make the most well informed decisions for themselves. I act as a guide to help make the transaction as easy as can be and to get them everything and every dollar possible. I want to make everything as simple as it can be and be as honest and blunt with you about everything as possible. Call or text me at 407-435-5220 even if you just need to ask a question from an experienced and dependable Realtor.