One of the biggest obstacles to new buyers in the real estate market can be competition.
It may lead to being outbid, and disappointed.
This year, however, about 10 percent of offers made were countered by another buyer. That’s compared to 39 percent a year ago, according to CNBC. As a result, competition is the lowest it’s been in a decade.
The decrease comes at a time when mortgage rates are at all-time lows in a market that’s both affordable and has a tightening inventory. At the same time, home price gains fell this year.
There’s not just one explanation for this climate. Generally, buyers are discovering that there isn’t really a need to engage in a bidding war because there are still deals to be found elsewhere.
The real estate climate may bode well for new buyers looking to call Roseville home.
If you and your family are looking for a change and a new home in the area, we can help. Our local presence and understanding of the surrounding communities make us the go-to lender for clients and other real estate partners.
At this opportune time, we hope you partner with us. Together, we can enter the market well prepared so you can reach your goals.