Is The Housing Market's Affordability Improving?
If you've been working with borrowers that have been discouraged by the bidding wars or high home prices in recent months, you'll find this information beneficial to get them excited about buying a new home again.
There are 3 major factors signaling that the housing market's affordability is improving according to new data published in Business Insider this week:
Selling prices are reversing their climb: The median price of a previously owned home fell 0.2% in the four weeks leading to August 1st.
Inventory is bouncing back: Weakening demand puts less upward pressure on prices, and a greater inventory stands to give buyers more options. Putting more homes on the market cuts down on bidding wars.
Competition is fading away: The share of listings with price drops rose to 4.7% in July, the highest since early 2019. The gauge is also on a strong uptrend, signaling sellers are coming to grips with the fact that buyers have had enough of such lofty prices.
As we've been saying, it's Purchase Season at Princeton Wholesale and we're doing everything we can to earn your purchase business. So, here are a few more reasons your borrowers should get excited:
We've tightened our pricing across the board. Brokers are receiving a 0.50 incentive on purchases during The Princeton Purchase Special. Also, if it's your first time working with us, we'll waive your first $1095 lender fee.
That's a lot of savings you can pay forward to your borrowers in addition to the great news about market affordability.
Get in touch with your AE or visit PrincetonWholesale.com to learn more.