The real estate market has been through a lot in the past six months. After a slowdown caused by a combination of high interest rates, sky-high home prices, a bad stock market, and the seasonal change, the market is finally showing signs of life. In recent months, we have seen a rise in pre-approvals, multiple offers, and homes becoming more affordable for low down payment buyers.
We have been telling our clients that the slowdown was a “hibernation” period where buyers could get better deals, such as repairs, credits towards buy-downs, and favorable negotiations. However, this period of slowdown has now come to an end, as evidenced by the recent rise in multiple offers. This is a clear indication that the market is picking up speed once again.
The New York Times published an article called “A Housing Market Hangover” that perfectly describes the state of the real estate market. It provides a concise recap of the events of the past few months and highlights the reasons for the slowdown. However, what the article fails to mention is that there are still opportunities for buyers to get great deals on homes that are financeable and move-in ready, even for those with a low down payment.
In our office, we have seen many homes that were on the market in the fall with long days on market, finally get an offer, only to have the sale fall through and come back on the market to multiple offers. This is proof that the market is already picking up and buyers should act fast if they have home ownership goals.
To summarize, the best window for buyers to get the best deals may have passed, but the market is still very much alive and kicking. Homes are becoming more affordable, low down payment buyers are getting the opportunity they deserve, and multiple offers are on the rise. If you have home ownership goals, now is the time to reach out to us and schedule a free consultation.
In conclusion, the real estate market is not the same as it was six months ago. It has gone through a “hibernation” period, but it is now starting to pick up speed once again. Don’t miss your chance to take advantage of this changing market. Get in touch with us today and let us help you achieve your home ownership dreams. Don’t forget to like, subscribe, and share this article with others who may be interested in the current state of the real estate market.
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