Tag: #housingprices

Have You Given Up on Owning a Home?

This isn’t 2021. Or even 2023 or 2024.

If you stepped back from your home search over the past few years, you’re not alone.

But the good news today is that things have changed, and you might want to take another look. With more homes to choose from, prices leveling off in many areas, and mortgage rates easing, today’s market is offering something you haven’t had in a while: options.

Experts agree, buyers are in a better spot right now than they’ve been in quite a long time. Here’s what they have to say.

Affordability Is Finally Improving 

Lisa Sturtevant, Chief Economist at Bright MLS, says affordability is finally starting to turn the corner:

“Slower price growth coupled with a slight drop in mortgage rates will improve affordability and create a window for some buyers to get into the market.”

Mortgage rates have eased from their recent highs, price growth has slowed, and that one-two combo is making homes more affordable than they’ve been in months.

And please don’t get discouraged when you see what the “median sales price” is. The median is the price in the middle. There are just as many homes for sale below that number as above.

There Are More Homes on The Market

Prices are easing because there are more homes on the market. According to the latest from Realtor.com, there are 17% more homes for sale today than there were at this time last year. That means more options, less competition with other buyers, and a chance to find the space that actually works for you.

Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:

“Homebuyers are in the best position in more than five years to find the right home and negotiate for a better price. Current inventory is at its highest since May 2020, during the COVID lockdown.” 

Take a look at the numbers.

As Yun notes, inventory is up everywhere. Compared to this time last year, every region of the country has more homes on the market than at this time last year (see graph below):

On Cape Cod, there are more homes and condos for sales, too.

So, when you step back and look at the bigger picture, this means more choices for everyone.

And with fewer buyers in the market and more homes for sale, sellers are willing to negotiate to get a deal done.

All of this adds up to a win if you’ve been thinking about buying.

If you stepped away from your search because things felt too competitive, too pricey, you were worried about finding a home, or it was all just too much to process, this could be your moment to take another look.

And if you’re not quite ready to go all in, that’s okay too. You can start by planning ahead. We’re here to work with you. We can help you break down your budget, narrow your search, and make sure you’re prepped and ready when the right home hits the market.

If prices on Cape Cod aren’t for you? Where else would you consider living? We can help you with that, too, as Today Real Estate has realtors throughout New England.

Bottom Line

Let’s talk.

Because this isn’t 2021.

This isn’t even 2023 or 2024.

This is a new market – and you might be surprised by what you could find.

Mari and Hank

Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision.

Buy Now or Wait for Rates to Drop?

Buyers who are holding out for lower mortgage rates may be missing a key opening in the market.

Mortgage rates are always a hot topic – and for good reason. After the most recent jobs report came out weaker than expected, the bond market reacted almost instantly. As a result, in early August mortgage rates dropped to their lowest point so far this year (6.55%).

While that may not sound like a big deal, pretty much every buyer has been waiting for rates to fall. And even a seemingly small drop like this reignites the hope we’re finally going to see rates trending down. But what’s realistic to expect?

According to the latest projections, rates aren’t expected to fall dramatically anytime soon. Most experts project they’ll stay somewhere in the mid-to-low 6% range through 2026 (see graph below):

In other words, no big changes are expected. But small shifts, like the one we just saw, are still likely. 

What Rate Would Get Buyers Moving Again?

The magic number most buyers seem to be watching for is 6%. And it’s not just a psychological benchmark; it has real impact. A recent report from the National Association of Realtors (NAR) says if rates reach 6%:

  • And roughly 550,000 people would buy a home within 12 to 18 months
  • 5.5 million more households could afford the median-priced home

That’s a lot of pent-up demand just waiting for the green light. And if you look back at the graph above, you’ll see Fannie Mae thinks we’ll hit that threshold next year. That raises an important question: Does it really make sense to wait for lower rates?

Because here’s the tradeoff. If you’re waiting for 6%, you need to realize a lot of other people are too. And when rates do continue to inch down and more buyers jump into the market all at once, you could face more competition, fewer choices, and higher home prices. NAR explains it like this:

“Home buyers wishing for lower mortgage interest rates may eventually get their wish, but for now, they’ll have to decide whether it’s better to wait or jump into the market.”

Consider the unique window that exists right now:

  • Inventory is up = more choices
  • Price growth has slowed down = more realistic pricing
  • You may have more room to negotiate = you could get a better deal

These are all opportunities that will go away if rates fall and demand surges. That’s why NAR says:

“Buyers who are holding out for lower mortgage rates may be missing a key opening in the market.”

Bottom Line

Some people have told us that they are holding off on making their next move in order to see “what happens.” If that means if rates are going to drop, you have your answer. They aren’t expected to hit 6% this year.

But when rates drop, you’ll have to deal with more competition as other buyers jump back in. If you want less pressure and more negotiating power, that opportunity is already here – and it might not last for long. It all depends on what happens next in the economy.

If you’re thinking about entering the market but want to talk it through, we’re here to listen. You can find us at 508-388-1994 or msennott@todayrealestate.com. Let us know how we can help.

Mari and Hank

Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision.

What Happens Next

From rising home prices to mortgage rate swings, the housing market has left a lot of people wondering what’s next – and whether now is really the right time to move.

Some of our clients have also looked at the current political situation and have said they are waiting “to see what happens” before taking action.

While we can’t predict the political future — no one can — we can share with you what leading housing experts are saying about the market for the rest of 2025.

These insights will give you clarity – and a little more optimism than you might expect. Business Insider sums up the forecasts (and why they’re good news for you):

“As mortgage rates go down this year, affordability may improve slightly for homebuyers. Inventory is also expected to grow, which should help moderate price growth and make finding a home easier.”

Let’s break it down.

1. Mortgage Rates Should Come Down (Slightly)

While a major drop isn’t on the table, forecasters are calling for a modest decline in rates in the months ahead as the economic outlook becomes more certain. Based on the information we have right now, here’s a look at where they say rates should be by year-end (see graph below):

Even this slight decrease is a welcome change. A seemingly small decline can still help bring down your future mortgage payment and give you a bit more breathing room in your budget.

Just remember, everything from inflation to employment and broader economic shifts will have an impact on where rates go from here. So, don’t try to time the market. And do expect some volatility along the way.

2. Inventory Will Continue To Grow

Inventory has already improved a lot this year. A big portion of the growth the market has already seen is because homeowners are getting tired of sitting on the sidelines. They’ve tried the wait and see approach with rates, and it hasn’t really paid off. And at a certain point, you need to move no matter what the market is doing. This is one reason more homes have been listed lately. And experts say that should continue. As Lance Lambert, Co-founder of ResiClub, says:

“The fact that inventory is rising year-over-year . . . strongly suggests that national active housing inventory for sale is likely to end the year higher.”

If rate forecasts pan out as the experts say, that could be enough to tip some more sellers off the fence and back into the market – giving you even more options for your move.

3. Home Prices Are Moderating

As more homes hit the market, there will also be less upward pressure on home prices. Expert forecasts are still calling for growth, but the pace of that growth is slowing down as inventory climbs. The average of all seven shows prices will rise about 2% this year (see graph below):

That means you could finally get a little bit of relief from rapidly rising home prices. When you combine the forecast for healthier price growth with projections for slightly lower mortgage rates, that could mean more buying power in the months ahead.

Keep in mind, though, the housing market is hyper-local. So, this is going to vary by area. Some markets will see prices climbing higher. And some may even see prices dip a little if inventory is up significantly in that location. So, lean on a local agent for insights into what’s happening in your area.

Bottom Line

So, if you want or need to move this year, know that the experts say things should start looking up.

So, let’s connect via our new business cell phone numbers (508) 388-1994 [Mari] or (508) 338-9928 [Hank] so you can take advantage of any market shifts that work in your favor.

Talk soon…

Mari and Hank

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision.