Rates stabilized last week, and the lower rates are driving increased buyer activity. If your clients are waiting for the perfect moment, now’s the time to act before this window closes.
| What You Need to Know |
Data Check: Applications: UP 16.8% this week. Buyer competition will heat up (MBA) Inventory: 698K homes on the market. Up 0.75% from last week and 40% more than last year. (Altos) Price reductions: Up to 39.4% of active inventory. Up last week. Likely trending to >40% this fall. (Altos) Rates: Up slightly to 6.6%. Complete rates below. (Mortgage News Daily) We continue to see local markets diverge in terms of supply and demand. For Buyers: Purchase applications have risen for two consecutive weeks, with 20% more buyers in the market compared to last month. As rates drop, competition will intensify. Savvy buyers should act now to maximize their buying power. For Sellers: Take a page from builders. With inventory increasing and price reductions on the rise, now is the time for sellers to drive demand. The most powerful tool in this market is the temporary buydown. Explore the Envoy Buydown Calculator here. For Investors: According to ParcelLabs, the number of single-family homes converted to rentals within six months of sale has surged 390% since 2020. (Graphic Below) Ask us about our Market Spotlight presentation. Each week, we assemble a series of graphics and charts you can use to help your Buyers, Sellers, and Investors make informed real estate decisions. |
Time to Plan for the Fall Housing Market
Now is a great time to be in the market to buy a home. Last week alone, there was a 17% increase in new buyer applications, showing that many are taking advantage of the current conditions.
According to HousingWire, the number of homes for sale continues to rise, now 41% higher than at this time last year. Additionally, over 39% of homes listed have had a price reduction, offering even more opportunities for buyers.
Mortgage News Daily reports that interest rates are more than 0.75% lower than they were last year, giving you greater negotiating power in this favorable market.
Whether you’re looking for your first home, your next home, or your dream home, we’re here to help you make the best possible deal. Let’s connect and explore the opportunities available to you.
