With higher rates and less homebuyer demand, the once-fiery real estate market is cooling down for the winter. But it’s not all bad news: there are still some bright spots to be found if you’re on the hunt for a home.
Many buyers are backing off the market, which can help shrink competition with other offers. According to Realtor.com, homes are sitting on the market 7 days longer than they were at this time last year (for the 13th week in a row). This generally means sellers are seeing fewer bids for homes.
Landis makes all-cash offers on behalf of their clients, and in today’s market, they pack an extra competitive punch.
Rates continuing upward
The interest rate for an average 30-year fixed rate loan is now over 7%, having shot up from its record lows below 3% in January 2021. That can add thousands of dollars to the cost of a home.
On top of providing an extra 1–2 years to prepare for a mortgage, Landis underwrites each client based on their unique financial situation. “We think ahead when preparing our client’s budget to make sure they’ll be able to afford their home within 1–2 years, even if rates fluctuate,” says homeownership coach Noah Mahrer.
Sellers dropping prices
This summer, home prices around the country fell for the first time since 2012, and aren’t expected to rise in the following months. It may be the start of a downward trend, as many builders and institutional investors (companies that also own property) back out of the market by selling homes for less.
This is good news for any buyer, especially Landis clients with a savvy real estate agent at their side and a cash offer ready to go.
Start your homeownership journey
Work with Landis to live in your dream home while you get ready for a mortgage. Once approved, you’ll get a homebuying budget, a step-by-step action plan, and a coach to keep you on track for goals you can achieve.