If you’ve recently been on the fence about buying a home, Midwest Lending has some great news for you! Recent changes in the market have made it an ideal time to purchase a home.
This real estate season has seen some significant changes compared to recent years. Since early spring, we’ve seen a downward trend in bidding wars. This drop was likely triggered by mortgage rates that crept up late last year. While the truth is that mortgage rates are still on the low end of the spectrum, the slight uptick was enough to make some homebuyers hesitant.
The result is a much less competitive housing market. We've seen an overall 61% drop in “bidding wars” across the country — and that’s not all.
This spring, houses are staying on the market two days longer than they did during the winter months. This change may not seem like much, but we haven’t seen an increase like this since January of 2015.
With houses on the market longer than they have been in years past, housing supply is up, further contributing to a less competitive market. If you are a prospective home buyer, less competition is a good thing.
What this means is that you, the buyer, have more options and negotiating power for the home you want, in the area you want.
Call Midwest Lending today, lock in the best rate available, and start your home shopping before summer is in full swing!