Housing market remains unstable

Posted at 11:28 AM, Nov 13, 2022
and last updated 2022-11-13 14:28:44-05

(KERO) — Home prices are on the rise, but if you're looking to buy a home now or soon, experts say there's no need to despair despite some tough market conditions.

Still, there are plenty of challenges for potential home buyers.

Top of the list is mortgage rates, now around 7% for a 30 year fixed loan, which is more than four points higher than one year ago.

Home prices are only now beginning to ease-off of all-time highs that were hit during the pandemic's peak.

Real estate experts say that if you can afford to buy now, consider opting for a fixed mortgage with the hope that you can refinance at a lower rate later.

Another suggestion, if you have more cash on hand, pay more upfront to buy down your mortgage rate.

Experts add there are also opportunities in some housing markets for a seller's concession as part of a deal.

In areas with not as much buyer competition, sellers now are being forced to be more flexible