Dynamics are definitely transitioning since June 2022 along with supply and demand. Interest rates jumped .75%, July 2022 .75% and September .75%. Jerome Powell is persuasive to eliminate inflation is our country. As a general rule, when inflation is low, mortgage rates tend to be lower. When inflation is high, rate tend to be higher. There is still a housing shortage with strong demand to buy homes for sale. In the last twelve months there has been close to 90 days of inventory as per National Association of Realtors.
Lenders are being even more creative based on the economical state of the housing market. Families are now rethinking of buying a home versus a new car in Dr Phillips and across the nation. Why? Rental prices are just as more than a mortgage payment. Many are tightening up on their credit to improve scores. Demand is still high even though interest rates are over 6%. Mortgage rates are still volatile while buyer are still hungry while saving money and not compromising.
Homes for sale has grown since the rise in mortgage rates all over to include Dr Phillips and Disney area. Apparently the spike in interest rates are actually bringing more homes into the housing market compared to last year.It has taken much longer for a home to go under contract than the last two years and bidding wars have come to a halt. First tim buyers are still having it tuff due to high listing prices and FHA loan limit requirements in many regions of the United States.
The average homeowner stays in their home on the average of seven to eight years. This gives the time to settle in and make adjustments to local atmosphere and home upgrades. this helps with stability of children in schools, your local job and neighborhood. Fall is a great time to sell a home due to seasonal change, buyers can take a breath of fresh air and view homes in a pleasant seasonal change and not scorching hot outside with minds more at ease seems which helps mentally and to see much more clearer. Click link to learn more about homeownership /HOMEOWNERSHIP-TODAY---32819---32836---Dr-Phillips-6-23016.html
Serving Dr Phillips and all Central Florida. Click link to learn more about Kevin Strawter /ABOUT-KEVIN-STRAWTER-P-A---MRP--GRI--ABR-6-14330.html Stay connected and contact your trusted advisor and professional realtor Kevin Strawter today at 850 496-6412.