A Stall in the Market?
Not really, it's more of a calming down.
There are still lots of buyers looking, but with higher inflation and rumors of a recession buyers are taking their time and really thinking before making a decision. But even in the current market buying a home is still a smarter move than renting. Because you pay the same amount on your mortgage each month, you don't have to deal with surprise rent increases, and you can claim your interest deduction on your taxes. You can customize your home as you like without landlord approval. You can also tap your equity via a home equity loan. You will also build roots in a community, which may not have a financial value, but is worth a lot.
Now is a great time for buyers as rates have come down some and sellers are more open to making concessions and lowering prices. The day of 30 offers on a home is over, however there is still competition on correctly priced homes. Having a solid offer with favorable terms and the ability to close quickly never goes out of style. Sellers are looking for a solid offer backed by stable financing. An over asking price offer that falls through is a waste of time and is an aggravation to a seller.
If you have been waiting for more favorable conditions to buy a home, this is it. Call Darcey today and get started on finding your dream home.
Edwards Realty Trust
5193 N.E. Elam Young Parkway, Suite D
Hillsboro, OR 97124