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October 2022 Market Update – It is Still a Good Time to Buy a House?

October 18, 2022

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Is it Still a Good Time to Buy a House?

Now that summer has come to an end and Fall is here, WHAT are the experts saying about the housing market for buyers for Fall 2022? The question is, “Is it still a good time for me to buy?” Well, the short answer is YES. I’m here to tell you that the Fall housing market looks promising for buyers.

Experts Say It’s Still a Good Time to Buy

According to Lisa Sturtevant, Housing Economist for Freddie Mac, “After the end of summer lull, and as mortgage rates stabilize, we may see a return of buyers and a relatively strong fall housing market.” While interest rates have gone up, much to the buyer’s advantage they are still historically low. AND with increased inventory, more options continue to become available to homebuyers in a market that is still competitive, but not one where a homebuyer is continuously outbid. This in turn gives buyers the opportunity to purchase while experiencing seller concessions that may not have been available the last couple years. This can include closing cost credits, rate buy downs and sellers covering cost of repairs.

Make Sure You’re in Position to Buy

Also, if you are considering buying, please understand that things like Having a good credit score, having personal savings in the bank, having enough money for a down payment, knowing your debt to income ratio, and also the type of loan you will want to use will put you in a better position when you’re ready to buy. When you combine these things with the increased level of inventory that we have on the market, you are in a better position to purchase, and may have more room for negotiation, depending on what the home was originally listed for and how long it’s been on the market.

But as always, consult with your experienced real estate professional for strategies, insights and market updates. Experience in a market like this is more important than ever. Please feel free to reach out to me today so we can better serve you through the buying process and help you find the home of your dreams

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