Here’s how homebuyers can benefit from today’s slower market.

What does today’s slow market mean for homebuyers? Before answering that question, let’s take a look at some numbers. The median wait time for an accepted contract is currently around 30 days, which is significantly slower than previous years. In fact we haven’t seen this slow of a median price acceptance rate since 2014.

Interest rates have a lot to do with this slowdown, which is currently around 6.875%. Sales are down by 30% from 2020 with demand slightly lower than last year. The market is on track for approximately 70,000, down from 72,000 to 75,000 in the previous year. The good thing is, the supply is up.

“Today’s market is more accommodating.”

If you’re wondering whether interest rates will go down, it’s unlikely for that to happen. In fact when interest rates do eventually decrease, it’s probable that housing prices will rise because of increased buyer demand. 

Right now,  the market is for “less than perfect buyers.” Unlike the competitive frenzy of 2021-2022, when buyers with low down payments or less-than-perfect credit were often overlooked. Today’s market is more accommodating. Sellers are now more willing to consider a variety of buyers, including those needing concessions—a scenario that would have been unthinkable just a year ago. This is good news for buyers to get the price you want and be active in the market as this will not last.

I encourage you to act now and take advantage of today’s market. UIf you’re considering buying a home, I encourage you to reach out to us by calling us at (480) 267-9368 or email us at Office@GoodCompanyRE.com. Let’s work together to find the perfect property for you.