If a buyer in 2022 wants real estate information, they’re better off talking with an active realtor and ignoring the news. While many have seen the headlines that interest rates increased earlier this summer, too few saw the headlines that interest rates decreased sharply at the beginning of August.
Data now shows that rates are in the low 5s, down from the high of 6.28% observed in June. This significant change has created a sweet spot for buyers to save hundreds of dollars per month on their mortgage payments all because of this rate decrease. Ultimately this means buyers qualify for more right now, and that is a very good thing. Saving hundreds of dollars a month is only part of the sweet spot – the other part is that reduced competition among buyers makes it easier to have an offer accepted. This allows buyers to get into a home faster and for less money.
Unfortunately, the media is not reporting this, so buyers
or would-be buyers are unaware. This is where having a relationship with a realtor you trust is valuable because they are shouting it from the rooftops! Now is the time to get off of the sidelines and into the game… well, the housing market.
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