The market shift that began in July 2012 which resulted in a significant decline in unit sales has now settled into an active balanced market. Buyers and sellers generally take time to get in sync when the market shifts from a hot seller’s market to a balanced market especially when sellers hang on to their hot market expectations; multiple offers, bully offers, sale prices well above the list price, unconditional offers and houses that sell overnight.
In today’s market, both buyers and sellers can be winners as long as sellers remain realistic and don’t hold on to expectations as if we are still in a hot seller’s market. Yes, many properties are still selling above the list price but today we are dealing with a different, more level-headed buyer, who is willing to walk away rather than comply with unreasonable seller demands.
Buyers, on the other hand, will be successful if you remain sensible and don’t bite off more than you can chew. But if you find a house you can afford and it fits your criteria, then act on it because it‘s definitely a great time to buy a house. Consider locking into a ten-year mortgage rate. In the long run, it will save you tens of thousands of dollars in interest payments if rates go up substantially before your term is up.