Is Now the Time to Buy? Here’s What You Need to Know

If you’ve been on the fence about buying a home, recent market shifts might just tip the scales in your favor. With mortgage rates on a downward trend, an increase in available homes, and signs of market stability, this could be a great time to take the next step toward homeownership. Let’s dive into the key developments that buyers should know about this week.

Mortgage Rates Are Easing

After months of fluctuation, mortgage rates are finally moving in a direction that benefits buyers. The average 30-year fixed rate mortgage has dipped to 6.87%, marking the lowest level we’ve seen this year. This is a promising sign for those looking to secure a more affordable monthly payment. If rates continue to stabilize, locking in now could be a smart move.

More Homes on the Market

Good news for buyers—inventory is rising. New home listings have jumped by 7.4% compared to last year, while pending sales have slowed slightly. What does this mean for you? More choices, less competition, and potentially better negotiating power when making an offer. If you’ve been struggling to find the right home in a competitive market, now may be the time to take another look.

California’s Housing Market Remains Strong

For buyers in California, the market is showing resilience. Home prices have risen by 6.3% year-over-year, with more homes available for sale—up 21.2% compared to last year. While prices continue to climb, the increased inventory gives buyers more opportunities to find a home that fits their needs and budget.

Expert Insights: Market Stability is Encouraging

Real estate analysts predict that with rates stabilizing and inventory increasing, the spring and summer markets could see a boost in buyer activity. If you’ve been waiting for a sign, this might be it! Acting now could put you ahead of the curve before the competition heats up.

Looking Beyond California: Emerging Affordable Markets

If you're considering relocating, many Californians are moving to states like Texas, Arizona, Nevada, and Florida due to lower home prices, tax advantages, and a lower cost of living. Cities like Austin, Phoenix, Las Vegas, and Orlando have been top relocation spots, offering affordability and a growing job market, making them attractive destinations for buyers leaving California. Exploring these markets could open up exciting new opportunities for buyers looking to stretch their dollars further.

My Take on This Week’s Market Trends

The real estate market is constantly evolving, and staying informed is key to making the best decision for your future. If you’re considering buying a home in the near future, now is the time to start preparing. Whether you’re looking locally or exploring new markets, having a plan in place will help you take advantage of the opportunities ahead.

If you have any questions about the market, financing, or how to start your home search, reach out! I’d love to help guide you through the process and ensure you’re positioned for success.