Mortgage rates have seen a slight drop and low to mid sixes are available to highly qualified borrowers. With a little help from the seller, rates in the 5s are easily attainable. One might expect some favorable movement as a result. So has it helped?
That's tough to quantify at this point. I am seeing an uptick in buyer activity, but we are also seeing an uptick in new listings. If both of those metric continue to rise it will keep the relative market stable. It will be good for agents of course as transactions will go up :) But for buyers and sellers the balance of inventory to buyers needs to change for there to be any movement in values.
At this point our market remains a little soft on price and enough inventory to keep the buyers busy. technically our inventory levels still slightly favor sellers but certain sub-markets and neighborhoods may be hotter than others.
A savvy buyer should open up the neighborhood range to capitalize on deals that may appear due to more seller activity. Neighborhood turnover can be a sign of trouble, but sometimes it's just a sign of normal turnover. Neighborhoods that were built 10-15 years ago in desirable school districts may now have a lot of empty nesters moving out, not because of any trouble but just the normal retirement move. That can work in the favor of buyers.
Buyers should always do their own due diligence and check things out, check with an agent about the area before making an offer. Things are looking up overall after a couple almost stagnant years.
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