As the inventory of homes continues to slightly increase let us look at what is causing the home supply to go up. You might be thinking if it is a good idea to jump into a market where the current mortgage rates are higher as well as the home prices remain high in the area. Here are some factors you should consider that could be helpful in your decision-making process.
The supply growth is related that home listings are staying active longer rather than having increasingly new listings of homes available. As a home buyer, you will benefit from having options as you move on in the purchasing process. It will make you feel more confident to enter any type of negotiation and give time to consider what is best for you. Remember, this will be a good time to capitalize on the supply.
If you attempted to purchase a home last year or maybe in the first months of this year and you lost due to multiple offers or someone bidding higher than you. Take advantage now of the supply or wait to close the winter season when due to seasonality house hunting slow down for other buyers. This will help you cease for the opportunity to buy your home. Even though supplies had increased overall homes supply remains low, the advantage is you may have an opportunity to face fewer challenges when submitting an offer.
The key to the process is to look for a home that is right for you.
If you feel you are ready to purchase a home take our home buyer class to know details about financial planning, the home purchase process, and down payment assistance. To register please visit https://ocfcs.eventbrite.com and consult a local housing professional to assist you today!