A variety of changing circumstances all suggest that the housing market may be cooling down. New listings are climbing, mortgage rates remain low and competition seems to be coming to a slow. These factors could give hopeful buyers who previously felt shut out of the housing market a chance to make their move.
Redfin has reported that bidding wars have fallen to their lowest level all year and Realtor.com data shows that housing inventory is at its highest point so far in 2021. While there are still fewer homes for sale today than there was last year, the recent increases suggest an upward trend may be upon us.
Experts suggest that buyers and their agents should look at a neighborhoods inventory levels, how long homes in a community have been on the market and whether or not homes are selling above their initial list price. These factors can indicate if now is the time to buy.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (877) 700-0942 and your questions may be featured in an upcoming article.
