The Cooling Housing Market
Broker Owner
Ralph Trinidad Broker Owner
Published on September 3, 2021
Model House

The Cooling Housing Market

With the pandemic becoming more manageable and with people sick of staying in small, cramped apartments or homes that didn’t fit their needs as the year progressed bidding wars scorched the market. So much so that some homes would go on sale and three days later have a ten or more buyer bidding war.

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Don’t fret, however. The end is nigh and with the opening of the economy and higher job demand for the available supply growing it’s promising that the inventory of homes will begin increasing. It might not be a buyer’s market, but a cooling market means that most who are struggling to purchase a home – especially in the $250,000 and under markets – will have better luck without as much competition. Although home prices will still continue to soar fairly high, the buying frenzy will begin to calm for a better, more competitive market where a first-time homebuyer doesn’t have to go in offering $20,000 over asking instead of negotiating down. 

On average, it could take around 5 to 6 months to move into a new home anyway. Experts suggest that the market is going to cool, and when it does the prices of homes will lower and it will be less challenging to buy, however interest rates are predicted to rise. This will be part of what cools the market by pushing away some buyers. Look into preparing yourself and your finances early and take advantage of lower rates.

First, find your credit score for qualifying loans, save for your down payment, avoid new debt, and organize any paperwork you’ll need such as W-2s, tax returns, bank statements, and pay stubs that might be needed for pre-approval. After that, visit Premier Mortgage for your always-free custom rate quote, your payment calculator, a pre-approval letter, and more.

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Broker Owner
Ralph Trinidad Broker Owner
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(772) 837-9000