Inventory is recovering. Another encouraging sign for would-be buyers, June's plummet in price growth coincided with the largest single-month increase of inventory in 12 years. Even with June's record supply jump, inventory remains about 54% below historical norms.
Less competition makes it a great time to buy. According to Redfin data, 49.9% of home offers faced competition on a seasonally adjusted basis in June. That’s the lowest share since May 2020 and the first time the bidding-war rate has been below 50% since that same month, when the housing market was at a near standstill due to the onset of the pandemic.
Act now while mortgage rates remain low. Rates remain low when compared to historical standards and recently fell below 5%. Lock in your rate now to keep your mortgage payment at a level you can afford.
Well-prepared homebuyers can take advantage of today's market conditions. Turn to the experts at National Iron Bank to get pre-approved and negotiate with confidence. Click here to learn more!
Excerpt from Forbes
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