National Real estate Market Update

National Real estate Market Update

Real Estate Market update. Is the market slowing down a bit? Well, from where I’m sitting, yes, we are seeing a slow down. But let’s not take my opinion about the market slowing down, let’s look at what actually the market is showing. Hi, I’m Rich Barnes, owner-broker of Realty Experts in West Allis, Wisconsin, 53214. Nationally, this is the first month that we’ve seen buyer demand go down since November. Also, according to the Home Purchase Sentiment Index, there are the survey buyers asking if they feel it’s a good time to buy right now, it’s dropped from 61% last year to 35% this year. The buyer’s perception of the market is that it’s not the best time to purchase. Buyers are feeling a bit defeated, factors contributing to buyers not pulling the trigger are record-high percentage of home selling over list price, record price appreciation, low mortgage rates, and extremely low inventory. Some good news is, is that we are ahead of where we were last year at the same time with buyer showings. We’ve noticed this across the board on our showings starting about three or four weeks ago, also, at summer and school’s back in session. Historically, in our area, since we have a shorter summer, we’ve noticed a drop in sales and an increased time on the market; especially in the months before the kids go back to school. But, the good news is, that inventory has actually gone up about 18% from this time in January. Also, buyers, beware: according to the real estate experts, interest rates are predicted to go up, which means it’s going to cost more to borrow money for a home then you’ll qualify for less. So, if you’re on the fence about buying, it might be a good time. If you are looking to purchase a new home, conditions may now be better than 12 months hence. So, I hope this is information that’s helpful to you. I’m Rich Barnes with Realty Experts, and that’s what’s happening nationally in our real estate market. So, click the Learn More button below, and let’s find you a new home. As always, you can rely on Thanks, and you have a great day.

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