Important Factors for Home Buyers Right Now

If I were buying a home RIGHT now, what would be important to me?

Is now really a good time to buy?

Let's dive into the data and get away from the drama of today's real estate market.

Here's what the data tells us...

🟢 In January 2023, there were 70% more listings on the market than in January 2022. That's massive!

🟢 The inventory in May 2023 increased by 16% compared to May 2022, closing the gap by over 50%.

What does this mean for YOU?

➡️ With fewer homes on the market, it affects your buying power.

➡️ Less supply leads to increased demand and higher prices.

Currently, interest rates are around 7%. The recent decision by the Federal Reserve to "skip" an increase suggests that rates may go up even more based on this data.

➡️ Waiting to buy a home may impact your buying power due to rising interest rates and increasing home prices.

➡️ Home prices are currently increasing by up to 0.8% per month, meaning a 30-day delay could cost an additional $4,000 on a $500,000 home.

Projections suggest a 19% year-over-year increase in home values. Coupled with higher interest rates, it can significantly impact your purchase.

While we won't pressure you, there's a potential opportunity for those who see it.

Many buyers are waiting for interest rates to drop, but the recent Fed decision indicates that may not happen soon.

If rates do drop, it would create a frenzy in a market with low supply and high demand.

At Matt Smith Real Estate Group, we're here to assist you in navigating the market.

We aim to educate and inform, not persuade. If you're considering upgrading or relocating, now may be the opportune time in the next three years.

Feel free to reach out with any questions.