Summer’s here and the news is good for potential home shoppers. Conditions have improved and put buyers in better shape than they’ve been in a while. How so? Well, for starters, mortgage rates are lower than they were last year at this time, the number of homes available for sale has increased, and home sellers are cutting prices at record rates. Also, buyer competition was at its lowest level for any May dating back to 2018 this year and homes for sale are selling only two days quicker than they were pre-pandemic. In other words, potential home buyers who may be hesitant about the market may want to take a second look. In fact, according to one new analysis, the national housing market is now balanced, meaning it favors neither home buyers or sellers. That’s the first time in several years that the market hasn’t been strongly in home seller’s favor, which should be great news for buyers. (source)
