When it comes to finding opportunities in real estate, I always try to follow the Fannie Mae Home Purchase Sentiment Index (HPSI). By watching this, I can keep a pulse on how buyers and sellers are feeling in current market conditions. Here’s what you need to know; the HPSI is at its highest level since March 2022!
How might this create an opportunity for you? First, 60% of the people now think it’s a good time to sell a home. Secondly, mortgage rates have come down over a point since October 2023, and the National Association of Realtors expects rates to continue to fall another .7% by the end of the year!
Since only 17% of people that think it’s a good time to buy, this is a unique opportunity! If you can afford a home with the current interest rates, you can maximize your buying power since you’ll have far less buying competition, more homes to look at, and a high likelihood that your housing expense will go down in the next 12-18 months when rates are expected to drop.
If you’ve been waiting to sell your home, until rates become more affordable for the purchase of your next home, we should create a plan now! The best time to sell a home is approaching, and I want to make sure we take advantage of the opportunity to maximize both your sales price as well as your buying power!