Source: WRAL News —
The winds have turned on the US housing market. Sellers listed 24% fewer homes in October compared to 2021, according to data from Zillow. Fewer people are buying houses though, sales dropping 17% below the pre-pandemic estimates in 2019.
After months of weathering unimaginably high prices and endless bidding wars, weary buyers may find reprieve in the incremental price decline. But lower prices may not mean an easier ride.
House hunters should take heed of the current market, and before choosing to purchase, they should keep some considerations in mind.
Expect Higher Monthly Payments
Yes, although prices aren’t crashing, they are declining, but interest and subsequent mortgage rates are still high. Even though the house you may be considering could be cheaper than it was six months ago, your monthly payments may be higher.
In order to make an accurate budget for your next home, consider getting pre-approved with a mortgage lender, so you know just how much your expected rate is and what you qualify for.
Be Prepared To Wait
Due to the high rates and low inventory, you may have a hard time finding the home you originally envisioned in your new budget.
Not feeling rushed or pressured to purchase quickly will help you save money by spending wisely.
It will also help you stay sane as you shop.
Don’t Try to Time The Market
You’ve heard it once, and you’ll hear it again: the odds are against you when you try to time the real estate market.
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