It’s an odd and confusing season for home buyers.
Mortgage rates are causing whiplash, falling to a two-year low in the late summer and then rebounding, making it more expensive to buy a home.
The number of homes for sale is going up, but prices are still hovering near record highs. And with new rules around commissions in effect after the industry’s historic legal settlement, buyers are trying to figure out how to negotiate with their real-estate agents, or whether they are better off navigating the home buying-process on their own.
With this much uncertainty hanging over the market, many would-be buyers are sitting out. Sales of previously owned homes are on track for their worst year since 1995.
Home-buying activity usually slows down in the fall, as families don’t want to move during the school year and shoppers postpone their home searches during the holidays. It can be a good time for buyers to find bargains.
Home sales could pick up again next year. Mortgage rates currently stand near 7%, but they could fall if the Federal Reserve continues to cut short-term rates.
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Author: Faith N
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