Hope on the Horizon for Home Buyers
According to Danielle Hale, Realtor.com chief economist, low mortgage rates are an important factor helping prospective homebuyers. "Despite the ongoing challenges of today's housing market, including limited inventory, lightning-fast home sales and competition from investors with deep pockets, many buyers are finding ways to persist until they find and close on a home," said Hale.
For prospective buyers who are thinking of pausing their search, Hale noted that there is usually a seasonal reprieve in the competition as we head into fall. "Although we didn't see this sweet spot last fall as buyers were making up for time lost to lockdowns, there are signs that we'll see it this year," she stated.
Lawrence Yun, chief economist for the National Association of Realtors, said he has heard reports from NAR member agents that fewer homes are being sold for more than the asking price than earlier this year, and there's less intensity around bidding wars. In addition, he expects there will be a point this year when inventory will be greater than last year.
Read Anna Bahney’s full article on the housing market at www.cnn.com/2021/08/23/homes/us-home-sales-july-feseries/index.html