So exciting, summer is finally here. And so are our plans for buying and selling a home this summer.
But is it a good idea?
So let's see what experts have to say about how the market looks and where it's going.
I want to help guide you toward the best decision for you, your family, and your biggest asset, your home.
Looking at mortgage rates, Sam Khater, Chief Economist with Freddie Mac, says,
Mortgage rates continue to inch downward this week but are still significantly higher than last year, affecting affordability and purchase demand. Heading into the summer, the potential home buyer pool has shrunk and supply is on the rise and the housing market is normalizing.
After the way the market has looked the last couple of years, this is a welcome relief to many.
With less buyers and more sellers out there, there is hope for the buyers that are staying in the market. In addition, this data from Freddie Mac suggests that mortgage rates seem to have plateaued a bit in May. Then in June, we had a speed bump and now we're back down to where we were in mid-May.
The slight downturn of the mortgage market this past week, gives buyers even more hope. They won't see themselves being priced out of the current market and that's where we are right now.
So keep coming back as we continue to break down the market.
I'm Tami Savage with eXp Realty, your key to a new lifestyle.
Thanks so much for watching and make it a great day.