There’s been a dramatic change in the housing market lately, and it’s almost all good news for homebuyers. As we head into summer, here are a few thoughts to consider:
- There are more homes for sale in 2014, with inventory up 9 percent. Sellers are working harder to get their homes fixed up, so some of these places look pretty good.
- And you have a better chance of being able to buy one, with bidding wars down by double digits.
- More good news, prices have stopped going up so quickly. We predict prices to increase by just 6 percent in 2014, making it much easier for you to find a good deal on a home than when prices surged by 13 percent last year.
- And mortgage rates are at 4.1 percent, less than half the 30-year historical average of 8.7 percent; for a $500,000 house, this is worth more than $500 a month in mortgage payments.
What Redfin Agents are seeing is homebuyers who have become more disciplined than before, still pouncing on the A+ homes in the best school districts, but being more careful with the up-and-comers.
If you haven’t been on Redfin much in 2014, it’s just a whole new market. Check out homes for sale in your favorite neighborhood.
And if you have your own take on the market, leave a comment below.