Right now, you're in luck. The competition is low, the interest rates are dropping and houses are sitting on the market for longer, making for itchy-palmed sellers.
This might be your time to shine!
The 30 year loan data shows a steady decline since end of May and while we may see some leveling off, yesterday (9/4) rates were being reported in the 5's! If you are already pre-approved, now is the time to get out there and write the offers!
But what about inventory and competition? The thing is, there is no competition right now. Sellers are happy getting one offer on their listing. This is a long way off from a year ago, when they were still hoping for 20 offers at 30k over list price. There is a 6 month Inventory for homes over 500K. This used to be a 21 day market a short few months ago.
So why does it matter? While you may have trouble getting sellers to budge on their price, you do have the opportunity to ask for them to pay your buyer agency fee and maybe help buy down your rate to save you money monthly on interest payments. Let's talk soon to get you approved and out there on the path to home ownership!