Are you curious about the state of the real estate market? There are plenty of opinions swirling regarding market trends, so I thought I’d share the current viewpoint of our friends at JVM Lending. They have experienced a surge in new real estate contracts, and an increasing number of pre-approvals. Generally, December is a slow time of the year—and even slower when the market is sluggish.
So what happened? Why the marked increase in loan business?
Jay Voorhees from JVM contends that the increase in business was sparked by a sharp drop in interest rates during the last month or so, encouraging buyers to make a move. He cites that there is a reason for optimism for future rate reductions as we move through 2023.
Additionally, CNN Business reports that mortgage rates have tumbled in the last couple of weeks, following reports that indicated inflation may have finally reached its peak.
“Over the last four weeks, mortgage rates have declined three-quarters of a point, the largest decline since 2008,” said Khater.
What am I seeing in the market?
From my perspective as a real estate agent, I’ve seen a marked uptick in buyer activity as well, with an increase of pending properties—and even some multiple offers on well-priced, well-presented homes.
So is it a good time to buy or sell? Well, the best time to buy or sell a home is when it’s right for YOU. If you are thinking of making a move in 2023, let strategize now! Call 925.595.8047.