Should I Wait For Housing To Crash Further Before I Buy A House? 3 Reasons The End of 2022 Could Be The Very Best Time To Jump In

Should I Wait For Housing To Crash Further Before I Buy A House? 3 Reasons The End of 2022 Could Be The Very Best Time To Jump In

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Should I Wait For Housing To Crash Further Before I Buy A House? 3 Reasons The End of 2022 Could Be The Very Best Time To Jump In

By 14 years and a million miles, it’s not 2008.

Source: www.moneywise.com

Author: Amy Legate-Wolfe

M&M NEWS

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‘Deals to be had:’ Homebuyers Should Ask For These Incentives While They Have The Upper Hand

The days of waiving contingencies such as appraisals and forgoing inspections are fading into the rearview mirror. Still, contract activity remains slightly competitive depending on your location.

At least 24% of buyers waived the inspection contingency in December 2022, according to the National Association of Realtors confidence survey, up from 16% a month prior and 19% one year ago. An additional 24% of buyers waived an appraisal contingency in December, up slightly from 16% in November and 21% a year ago.

Home inspection contingencies are particularly important because it can let you know if there’s a deal-breaking issue with the property before a purchase occurs. It can also help you negotiate repairs with the seller, which is becoming increasingly common in today’s market.

“If buyers have this short window to buy where they can get incentives to purchase, [they] would rather buy where they have an opportunity to really think about it, get an inspection, a financing contingency and not feel rushed,” Jeff Reynolds, broker at Compass and founder of UrbanCondoSpaces.com, told Yahoo Finance.

Mortgage Rate Trends: Loans Near 6% Unleash Horde Of Homebuyers, And Lower Rates Could Be On The Way — But Economists Warn Consumers Are ‘not invincible’

Mortgage rates this week
30-year fixed-rate mortgages

The average 30-year fixed rate tumbled further to 6.15% this week, compared to last week’s 6.33%. A year ago at this time, the rate averaged 3.56%.

“With the Fed tightening its monetary policy, the U.S. housing market has been under significant pressure. While our 2023 forecast anticipates ongoing inflation causing upward pressure on rates, recent favorable data has helped to pull mortgage rates down,” says Realtor.com economist Jiayi Xu.

“As the economy weathers the easing in inflation, mortgage rates may continue to fluctuate in the short term, within the 6%-7% range that we have seen over the past five months.”
Of course, Xu acknowledges, mortgage rates still remain incredibly high compared to last year, creating “financial barriers” for many buyers.