After a winter of sellers offering price discounts and other incentives, buyers are now finding far fewer options and little room to negotiate, as inventory levels have yet to improve — despite somewhat softer mortgage rates.
Real estate agent Sean Dycus says one of his clients, a 67-year-old postal worker, is looking this spring to buy her very first home after renting her entire life. But the market is unrelenting.
As of April 17, there were only 66,000 new listings of single-family homes nationwide and 25% are already under contract, according to Altos Research. That’s far fewer than last year, when there were 100,000 new listings and 30% of them were under contract immediately.“So yes, demand is lighter than the insanity of last year.
Over 90% of those with a mortgage have a mortgage rate below 5.50%, according to Fannie Mae Chief Economist Doug Duncan. At least 70% have rates below 4.50%. Why trade that in for“They’re just not going to want to give those mortgages up anytime soon,” Duncan told Yahoo Finance. “That means all of those houses are not candidates to be listed in the equation.”
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