We are almost ready to enter the second half of the year! How is the housing market looking and what do the experts have to say about the fall market?
This year so far has been an improvement for home buyers, especially millennials and first-time home buyers. The rise in housing prices has started to slow and there has been a significant dip in mortgage rates. The year will continue to be a seller’s market, but buyers may find there is less competition and frantic home searching, and more time to consider their options and take a little time when deciding to put an offer in on a home they love.
Millennials will still continue to be a majority of the buying population. Inventory may rise slowly but not fast enough to satisfy all.
Experts predict that prices may still rise slowly but mortgage rates should stay low. Without the pressure of rising interest rates, buyers will face less competition and more time to carefully consider their options.
Of course, some areas will be more beneficial to buyers than others, but the frantic pace seems to be slowing down at the present moment. Good news for every buyer, young or old.
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