Back To 7% Interest Rates? Why NOW is the best time to buy a home:

Mortgage Rates & NOT Prices Drive Buyers!

In January and into February 2023, when rates came down to the high 5% to 6%, buyers flooded the market. In November & December of 2022, rates were in the 7% range which froze the market.

Available home Inventory is at record low level (60% less homes for sale pre-pandemic in Parkland and 40% less nationally right now). Sellers are not willing to trade in their 2-3% mortgage rates for a 6 or 7% rate. They are just waiting! BUT they shouldn’t and here is why:

If you are a seller right now and really want to move, I have the solution! Prices have come down, inventory has come up, and sellers are becoming more realistic with offering buyers concessions.

Take advantage of this market and still sell at a record high premium price and then buy your dream home on YOUR terms with a contingency of selling your home which you could not get a seller to even look at 6-12 months ago.

In fact right now, banks are offering home loan programs where you can buy now and take advantage of a 7 year arm mortgage at 5.25-5.35% and then you can refinance when rates come back down into the 5% range which could be as soon as later this year or into 2024. Buy the house and date the rate! YOU WIN As A Seller & Buyer!

This Week In Parkland’s Real Estate:
109 Single-Family Homes For Sale
44 Price Adjustments (40%)
90 Average Days On Market

In The Past 7 Days:
8 New Listings
11 Price Reductions
19 Homes Went Under Contract
9 Homes Sold
Median Sales Price: $1,200,000

Mortgage Interest Rates: Mortgage News Daily
30-Year Rate Is Down To 6.780-Year Jumbo Rate Is 6.25-Year Rate 5.94-Year Treasury: 3.88

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