4 Reasons Why Homebuyers Can Breathe a Sigh of Relief

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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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nela-richardsonredfin-com

Chief Economist

Nela leads Redfin’s housing market research team on data reports that help Redfin customers make informed choices. She comes to Redfin from Bloomberg LP, where she served as a senior economist with Bloomberg Government. She also served in past roles in the mortgage industry, capital markets and financial policy. Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. For more information about working with a Redfin real estate agent to buy or sell a home, visit our "Why Redfin?," page.

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