The current state of the real estate market is a hot topic these days. Even though interest rates are rising, now is still a great time to buy a home. The market is competitive, and homes are selling fairly rapidly, so buyers must be prepared to act fast when they find a home they like. Those considering buying a home should consult a real estate agent to learn more about the current market conditions.
Home sales in September of 2022 were down compared to the previous month. Lower home sales in September can be attributed to several factors. Historically September is a slower month for home sales than August, homes are not selling as quickly as they have in recent months, and buyers are having a more challenging time finding affordable homes. The average home price has increased by 5% in the last year, and homes are staying on the market for an average of 30 days longer than they were a year ago. As a result, many potential buyers opt to wait until the market improves before making a purchase. However, experts predict that the real estate market will rebound in the next few years, making now an excellent time to buy for those who can afford it. For now, potential homebuyers should proceed cautiously when considering a purchase.