Thursday, June 16, 2022 / by Brad Brethouwer
Now is a great time for homebuyers to get back into the market.
The market is shifting in favor of buyers. If you’re looking to buy a house, now is the best time to get back into the market, because things are starting to change.
Since rates went up, prices should level out. I don't foresee prices going much higher anymore. They’ve hit a soft ceiling in roughly the last 60 days and have leveled out. There are still bidding wars and other crazy hotspots in parts of the market, but most of that is coming from frustrated buyers who have been in the market for a while. On the other hand, fresh buyers haven't yet caught wind of what you need to do to beat somebody else in a multiple-offer situation.
"The increased inventory is great for buyers."
Sellers might panic a bit, even though their values are still way up from what they were before. When things don’t sell in seven days, a lot of sellers might panic because of what they're hearing in the news. However, the increased inventory is great for buyers. Traditionally, inventory increases throughout July, so you’ll have lots of options. Once these grizzled buyers from the past two years have purchased a home, things should return to square one to some extent.
If you have any questions, reach out to me by phone or email. I look forward to hearing from you.