Despite recent affordability challenges, Americans never stopped wanting to buy a home. Even as prices soared and rates climbed higher, the desire for homeownership remained strong. Now, with the housing market beginning to balance, the time may be right for buyers who paused their plans, waiting for a better deal. Why? Several reasons. Mortgage rates, for one. Average rates have now fallen for several consecutive weeks and are about a point lower than they were earlier this year. Inventory has also improved, offering home shoppers more choices, less competition, and a better chance at avoiding a bidding war. Additionally, the increasing number of homes for sale helps keep available options on the market longer, giving buyers more time to make a smart choice and a solid offer. Altogether, it could add up to a hotter than normal fall housing market, as buyers look to take advantage of the improved conditions. (source)
