Mortgage rates have fallen a bit to around 6.5- 7%.
We just sold 2 homes in Lansing rather quickly, so there are still buyers out there.
Home prices have stabilized but the homes that need more work have actually dropped in value.
The mortgage market is showing signs of stability, according to the mortgage banker association. (MBA).
- Mortgage applications plunged through the first 11 months of the year as rising interest rates cooled off the housing market — but they've stabilized in recent weeks.
By the numbers: Mortgage Applications rose 3.2% last week, compared with a week earlier, the MBA reported today.
What the MBA is saying: “The ongoing moderation in home-price growth, along with further declines in mortgage rates, may encourage more buyers to return to the market in the coming months.
There are 3 scenarios we are watching:
1. If interest rates rise further, there will be less qualified buyers and home prices will fall as a result.
2. Sellers panicking about the market will try to sell and create a high supply of inventory.
This will lead to high supply and low demand which is the formula for falling prices.
3. If interest rates are low enough for an ample amount of qualified buyers, it will keep the real estate market healthy.
Based on our experience we believe that option 3 will prevail.
The key to having your home sell before your competition in a normal real estate market is to keep your home looking attractive and well cared for. These are the homes that sell first.
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