Zillow reports that improved affordability and a growing inventory of homes could present a unique opportunity for potential homebuyers this fall. Mortgage rates have dipped, making buying more attainable, while increased inventory gives buyers more options and negotiating power.
Lower mortgage rates and rising inventory could give potential homebuyers a "window of opportunity" in the offseason, according to Zillow. Zillow on Thursday said affordability has "improved substantially" for people looking to buy a home. It added that competition among them could extend into the fall rather than fading away, which typically occurs at this time of year.
"Mortgage rate declines are helping to make home buying "roughly affordable again" at the national level, Zillow said – noting that this means monthly payments generally take less than one-third of a median household income. This also assumes a buyer puts 20% down on the home and before taxes and insurance are accounted for. For the week ending Sept. 5, rates averaged 6.47% for 30-year fixed loans, according to Bankrate’s lender survey.
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