Buyers can get a better deal now than they would’ve in January.

What if we told you your monthly payment could be less for a home in today's market than it was back in January? Some people are afraid of buying in today's market because the media is posting contradictory stories about what's really going on. We're here to set the record straight and help you feel more at ease about the current real estate market.

Back in January, home values were at an all-time high. Interest rates were hovering around 4.5%, and homes were selling well above list price. Since the Federal Reserve raised interest rates in May in an attempt to slow down inflation, many buyers threw in the towel and decided to wait it out.

It's more affordable to purchase a home today than it was back in January. For example, with the frenzy of buyers looking for a home at the beginning of 2022, a $700,000 house may have sold for $850,000 with multiple offers at a 4.5% interest rate. That makes the monthly principal and interest payment $4,306.

“Buyers have an advantage in today's market.”

Today there are fewer buyers in the market, but there are more homes for sale. You may see that same $700,000 home potentially take an offer for around $650,000 at a 5.25% interest rate. That equates to $3,589 per month. That's a savings of $258,000 over a 30-year loan and saves you about $700 per month.

Buyers have an advantage in today's market. There’s less competition, fewer multiple offers, more choices, better deals, better chances for homes appraising at value, and the option of a home inspection to ensure you're purchasing a solid home. 

Let's talk about your options for buying in today's market. There are plenty of opportunities, and home values are expected to continue to appreciate over the years, making it a smart investment. Reach out to us by phone or email. We look forward to helping you reach your real estate goals.