If your sitting on the fence thinking about if you should buy a home or not, let me give you three reasons on why you should buy a home NOW!
A Recession DOES NOT Mean Falling Prices
We’re in a recession, but that doesn’t mean house prices will fall, in the last five recessions, home prices have only fell during the 1991 and 2008 recessions, while they rose an average of 6 percent for the majority of others. (See Chart)
If you choose to buy a home today, you can rest assured that your home will not depreciate or lose it’s value. This is a great reason to choose to buy today!
Mortgage/Interest Rates WILL Decrease
Everyone knows that interest rates have increased, it is a total SHOCK to new homebuyers to see the current rates today, but rest assured that these rates will come down! In the past few recessions, we see interest rates drop, so let’s get you ready and pre-approved so we can go in with a strong offer when the time comes!
Fewer Multiple Offer Scenarios, Fewer Homes Above Asking Price, and Growing Supply
Previously, you were competing with many offers that could potentially drive prices, however, the number of offers from April to June decreased nationally from an average of 5.5 offers to 3.4. (See Chart)
The percentage of homes above asking price has also decreased from April to June, in April, 61% of homes were sold above asking compared to June’s number of 51%, a 10% decrease in homes sold above asking price!
Lastly, the home supply is growing nationally as well. The month’s supply of homes from April to June increased from 2.2 to 3.0, meaning more homes are on the market for someone to pick up! Let’s try to make that someone you!
More and more sellers are beginning to enter the market, and you need to be in the know with your realtor about new offers in your area! If you don’t have a realtor, we would love to help you out at the Expert Real Estate Team! Give us a call at 864-895-9791 and we would love to help you get a great deal!