Rising Rates, Inventory Drive Down Buyer Competition

Experts are saying that the expanded housing inventory paired with rising mortgage rates are cooling down the market and decreasing overall buyer competition. Many buyers are being scared off by the higher mortgage rates, which now means that they can afford less house for their money. The expanded housing inventory also means that buyers can select from a larger variety of houses, which means that each individual property is commanding less bids and less interest.

This is great news for those who are interested in buying right now because it means that buyer competition will be low. Home buyers who want to get into the market can still take advantage of relatively low mortgage rates and will be able to secure properties at lower values than they otherwise could because sellers will not have as many competing offers. However, home buyers will want to act fast to get into the market before the mortgage rates increase further and before the inventory of available houses shrinks again.

For more information about how rising rates and inventory will affect buyer competition and real estate in the Orange County area contact Judy Qualls, a qualified realtor.