Homebuyers Are Getting Used to the New Normal

Before you decide to buy or sell, it’s important to know what you can expect in the current housing market. One positive trend right now is homebuyers are adapting to today’s mortgage rates and getting used to them as the new normal. Mortgage rates have been between 6% and 7% consistently for the past nine months.

Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), notes that mortgage rates play a significant role in buyer demand and, by extension, home sales. Yun highlights the positive impact of stable rates:
“Mortgage rates heavily influence the direction of home sales. Steady rates have led to several consecutive months of consistent home sales.”

As a seller, hearing that home sales are consistent right now is good news. It means buyers are out there and actively purchasing homes.

Bottom Line:
The way buyers perceive today’s mortgage rates is shifting – they’re getting used to the new normal. Steady rates are contributing to strong buyer demand and consistent home sales. If you’re thinking of buying or selling, have a seasoned professional at your side. Let’s Connect!