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Locally, the market has completely shifted. In 2015, we had a balanced market. As we head into 2016, we will have a buyer's market. What does this mean for buyers?
First of all, interest rates are on the rise. Gone are the days of the 2.58% or 2.79% fixed rate. Rates will push past the 3% threshold, so now is a good time to contact our mortgage broker, Angelina, and lock in a low rate.
Second, inventory levels are up, turning the market into a buyer's market. Sellers are getting antsy! The longer they stay on the market, the more competition they face. For buyers, when we have more inventory, you have a better opportunity to cushion yourself against the potential price drop in 2016.
If you have any questions specific to the neighborhood you live in, give us a call or send us an email. We look forward to hearing from you!
