Ready to Buy? Reasons Why Now Is the Best Time

Why buyers and sellers should consider entering the market now.

Today may be the very best day in 2024 to go house hunting now that we are near our peak inventory for the year. Historically, inventory typically peaks towards the end of July and the beginning of August. Additionally, there are more options for homebuyers today than there have been all year.

Interest rates have also significantly decreased. The 30-year average mortgage rate today is 6.8%; however, recent factors, unemployment, CPI, and GDP, suggest we could see mortgage rates continue to go down soon.

The latest unemployment rate hit 4.1%, which is just over the 4% number that the Fed is hoping for before they can reduce rates. The GDP is lower this year than desired, and CPI rates came in lower than expected as well. These factors, when combined, give lenders confidence to start lowering mortgage rates in anticipation of a potential Fed rate cut in the future.

“It’s time for buyers to get off the fence and start hunting, find the perfect house, and lock it up.”

Everything is pointing towards lower mortgage rates and higher inventory. As a result of potentially reduced interest rates, we’ll see an increase in mortgage applications and buyers in the market, making it more competitive.

It’s time for buyers to get off the fence and start hunting, find the perfect house, and lock it up. The good news for sellers is that rates are coming down, making your home more affordable for buyers and making the market heat up once more.

If you have questions on how to navigate this market with changing mortgage rates and inventory, as well as how to get ahead in a real estate transaction, give me a call at (949) 835-4713. I would love to discuss your options with you.