With Autumn here, what can we expect the real estate market to do?
Typically, things slow down once the kids settle in at school, while sales prices and bidding wars all start to drop. But, here’s what the experts and data have to say about this Autumn’s housing market:
The supply of for-sale housing is incredibly low. In fact, Redfin reported that the total inventory was at an all-time low in June, dropping 15% compared to just one year earlier.
Because of the meager supply, existing home sales fell by about 2% in July. New home sales, however, were up 4.4% for the month and 31.5% over the year. Experts expect this trend to continue for the rest of this quarter.
Prospective homebuyers are turning to new construction as a way around the low inventory. The supply chain for builders continues to be a challenge, but builders are seeing it somewhat normalizing in most markets and believe that it will likely remain this way through the remainder of 2023.
If you are a prospective buyer getting turned down by other conventional lenders, don’t give up hope. We at Sun Pacific Mortgage have rescued many many buyers just like you, with our unique, fast & flexible private loan programs that allow otherwise rejected buyers to become homeowners. We are also able to help homeowners access their equity to then get cash for downpayment on another home if they want to downsize or move out of area. Whether you are shopping for a resale or a new home, we would like the chance to help!
You can reach us at 707-523-2099 or find us at www.sunpacmortgage.com.
