4 Reasons Why Homebuyers Can Breathe a Sigh of Relief

Real Estate News & Analysis

4 Reasons Why Homebuyers Can Breathe a Sigh of Relief

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:

Homes_For_Sale_2014

  • 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.

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