D-FW sales were down 8% from October of last year, and average prices fell below $400,000 for the first time since the first part of the year.
The last few years have been quite confusing for buyers, sellers, and industry experts regarding the volatility of the housing market. As 2022 came to its conclusion, transactions and price appreciation have continued to drop, signifying a healthier market for 2023. So, is now the right time to jump into the market and buy a home? This article will cover all the reasons we think now is a great time to do so.
It’s been a roller coaster year for the housing market. Prices started at record highs earlier this year with increased market activity and then, the market came to a screeching halt around late summertime, with closed sales falling dramatically and prices starting to inch back downward ever since. While the housing market has been more difficult to navigate for buyers, sellers and industry professionals, experts do expect the market to rebound in 2023 as rates continue to come back down.
If you’re in the market to buy a new home, some great news just came out this morning that will have you hitting up your agent and ready to make some offers. Interest rates fell 1% overnight on a 30-year fixed mortgage, drastically cutting down your future payments.
So where are we in the housing market currently? We are still in the middle of a shift, a hard shift. So let’s dig in and take a look at exactly what’s going on right now.
The Fed raised interest rates another 75 basis points Wednesday, July 27 (three quarters of a percentage point). Ironically, however, mortgage rates fell to 5.59 percent this week, down from the average of 5.76 percent they were last week, according to latest reports by Bankrate.
© 2022 M&D Real Estate — All Rights Reserved | DMCA Notice | Accessibility | Sitemap
By using this site, you agree to our Terms of Use | Privacy Policy
Leave your details, select your interest(s), and we’ll get you more information on how we can help.