NoCo Market Report
Mortgage rates are now at 6.2%. We have felt a lot more buyers come back into the market since rates have fallen into that range. The number of new listings coming on the market right now is lower than it has ever been. However, the number of homes sitting on the market is 127% higher than last year. Buyers must be patient. Be prepared to search over a time span of multiple months. Longer searches have advantages. It helps buyers learn the market and builds their confidence so they know when the right one comes. We also find that it helps them understand how active the market is and gives them confidence in the stability and resiliency of prices. They get to see homes that they have walked through go under contract and sell at certain prices. Essentially they become market experts in the property type that they’re considering. When buyers sit on the sidelines and read headlines, they get analysis paralysis. But when they actively search and learn, they gain confidence to be decisive and know when they’ve found the right one.
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