This is a YouTube video titled "HOLDING OFF ON BUYING YOUR NEW HOME?!" created in October 2024. The content is a single-speaker presentation discussing current real estate market trends, including mortgage rates, buyer activity, home inventory, and home equity, aimed at potential homebuyers considering purchasing a new home.
Have you been holding off on your new home? Here's a couple stats you probably should know. Average mortgage rates are down about 2% from their peak in the fall of 2023, and this has opened up about $50,000 more buying power for the average homeowner. But the secret's out. And nine of the last 14 weeks have seen buyers flood back into the market and mortgage applications increase. Now, one benefit of lower rates is more sellers are listing their homes for sale. So inventory is up 37% compared to this same week last year. So there's more houses available. And just as we've always over time, real estate continues to go up in value. The average homeowner has gained 8% in equity in their homes. This is a combination of paying their balance down and their home prices and values going up. So what does it all mean the longer you wait? Mortgage rates should slowly but surely go lower, but they already have started to dip. So houses are already more affordable right now. And the longer you wait, more competition will come back in, pushing prices higher. So there's a window of opportunity here to jump on it if you're looking for your new home.
