5 Key Reasons Why It’s A Great Time To Buy A Home

Is it a good time to buy a house today?

It's an important question for us as REALTORS to be able to answer and really be passionate about it. This isn't just an answer we're giving because we wanna sell a house, but an answer that's actually backed up by real data.

That way, buyers will actually believe what we're saying and be influenced by what we're saying.

So here are 5 key reasons, backed up by data, why people should be excited about entering the market today:

1. Rents are rising quickly.

So if you're not a homeowner, what are you by default? In most cases, you're a renter. So latest reading shows that rents are up 14.8% compared to a year ago. And they're likely to continue to rise at a fast pace going forward.

2. Interest rates.

Interest rates have settled back down a little bit. They're not at the peaks anymore. So interest rates historically, when you look at the last five decades, have averaged 8%. Right now, we're in the high fives, low six range.

Meaning, historically we're still relatively low. I know it can feel like it's a little high, but thinking about your parents, your grandparents, they probably paid a higher rate.

3. Sellers are reducing their prices right now.

We haven't seen this in quite a while. The latest number that we've received from the NAR said that 19.1% of sellers in July have reduced their prices. That's likely to accelerate into August and into September.

We're seeing a massive increase in the number of sellers, reducing prices, which gives you an opportunity to find a good deal in the market.

4. Sellers are more motivated.

Here's a crazy stat that's almost unbelievable compared to last year at the same time:

61.2% of listings on the market today have been on the market more than 30 days! That threshold for most sellers is when they start to get really motivated.

5. You have less competition.

Only 44% of buyers competed with another buyer in the last 30 days. Think about that. The inverse of that is 56% of buyers did not compete at all. So they were the only buyer at the table, which gives you a much more negotiating strength.

Those five key reasons that buyers should be looking hard at the market right now. And you should be passionate about your answers.

Hope that helps you in the market. Have a great day in good selling.

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