The year has so far been a promising one for would-be home buyers. The rise in home prices started to slow and mortgage rates have dipped to unexpected lows. Both were good news for home buyers.
The year seems is shaping up to be a good time for potential first-time buyers to enter the market go about that home search in a thoughtful and deliberate manner.
According to the chief economist at Fannie Mae, housing market activity is expected to remain relatively stable, and the favorable rate environment should continue supporting increased purchase and refinance activity.
It’s not a seller’s market right now. Appraisals have gotten harder, and buyers are a little more willing to take their time. More proof that it’s a sellers market–Just 10% of offers written by Redfin in August faced a bidding war, according to the brokerage’s monthly survey. That is down from 42% a year ago.
Home prices are still higher than they were a year ago, but the gains have slowed. Low mortgage rates, however, are enticing, and buyers say they don’t want to miss out on that potential savings. The average rate on the 30-year fixed is a full percentage point lower today than it was a year ago.
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