What's in this article?
Summer is officially here, but does that mean the real estate market is heating up?
Warm months have (at least in “normal” years) always meant an upswing in the number of homes being sold and bought. But after the rollercoaster ride of the last three years, it’s almost impossible to predict how things might go this swimsuit season.
To help you get a picture of what’s happening in the housing, mortgage, and real estate market, read on!
Latest U.S. Mortgage Rates 06-08-2023
- 30-year fixed: 6.71% (previous week: 6.79%)
- 15-year fixed: 6.07% (previous week: 6.18%)
- 30-year FHA index: 6.645% (previous week: 6.594%)
- 30-year fixed rate Jumbo: 7.124% (previous week: 6.883%)
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Three realtors from across the country give their take on the current market
On June 12th, Yahoo Finance interviewed three hot realtors from across the country (Tampa, Indianapolis, and Denver) to discuss the current state of the U.S. housing market and the trends they were witnessing.
They reported that new listings have dropped by 25% compared to last year, and buyers are still facing higher interest rates. The overall market has slowed down, with fewer sellers putting their homes up for sale, resulting in limited supply and stable prices.
Is the slowdown across the board?
All three realtors agreed that the feverish pace experienced last year has cooled down but that the market is now more stable and sustainable. Buyers, they say, are being more selective, considering their options without having to compete against numerous other offers.
- In Tampa, Florida, Melanie Atkinson noted a slowdown in market activity and low supply.
- Kathy Casey in Denver, Colorado, said she is observing a more sustainable market for buyers, with seller concessions and interest rate workarounds.
- Taking the middle road, Dan O’Brien in Indianapolis, Indiana, reported a slowdown in his local buyer activity but a healthier market where Indy’s buyers have more time to consider their investments.
What are interest rates expected to do?
The expectation is that interest rates may come down — but only “within the next 12 months,” allowing buyers to refinance. Overall, they agreed the housing market seems to be in a good spot, with a more balanced environment for both buyers and sellers.
Atkinson noted that multiple offer situations remain, due to low inventory levels and the quality of available properties. Well-prepared houses receive more offers, while those in poor condition tend to stay on the market longer.
Is it still a seller’s market?
Casey stated that although it is still a seller’s market — with an average of 34 days on the market — it is working well for both buyers and sellers. Buyers now have more time to make decisions, but some who purchased during the pandemic may have buyer’s remorse due to hasty decisions. She also mentioned a trend of lenders offering permanent interest rate buy-downs to help buyers qualify for more expensive homes.
There you have it from three top realtors in America. What do you think of their take on the current market?
If you want to learn more about where mortgage rates are going and when might be the best time to buy or sell your home, or refinance your mortgage, talk to one of our highly experienced loan officers at Homefinity today.
We have the passion for finding you the right mortgage for the right home.