Green Bay Home Buying Conditions in Spring of 2023
There are plenty of news articles regarding recent inflation as well as rising interest rates and high home prices. The current economy is a hot topic and the effects of inflation are far reaching and leaves virtually no one untouched. With the higher interest rates and higher home prices many potential home buyers might be wondering if now is a good time to buy a home or if it would be better to wait until the market conditions are more favorable. While no one can predict the future economists have seen some recent shifts that are favorable to home buyers. In October the 2022 national average mortgage interest rates were hovering around 7.37% and those national averages have lowered and are currently hovering around 6.37% a full percentage point lower which is good news for home buyers. As a mortgage broker Executive Mortgage consistently provided rates below the national average so please contact us to find out what our current rates are.
Home prices are also lower than their peak level in the spring of 2022 and data shows that 42% of home sellers offered concessions to buyers in last quarter of 2022. The current unemployment rate is also a very low 3.5% which adds to home buyer confidence. Many predict that home prices and interest rates will continue to decline during 2023. Another consideration on potential home buyers’ minds is comparing the pros and cons of home buying with renting. Monthly rental prices have also experienced a large increase recently which makes home buying become a mort attractive option for many people.
The mortgage loan officers at Executive Mortgage have experience and knowledge and can answer any questions you might have regarding the home buying process. If home ownership is something you have or are considering we would advise you to get in touch with us to discuss your particular situation and what you can qualify for and if home ownership is the best option for you. Starting the home buying process with a lender is a good way to explore your options and to ensure you are ready to take the next step when conditions are right for you. Whether you are a first time home buyer or you are thinking about selling your current home and purchasing another home the loan officers at Executive Mortgage can help you through the process. Rates, prices, and economic conditions are always changing and it might be more favorable to buy a home than you think so schedule a FREE consult today.