You’ve probably heard the outdated slogans: “Now’s the time to buy” and “Focus on the payment, not the rate.” But are these slogans rooted in today’s reality? Here’s what the current data is really telling us:
New home sales surged by 4.1% in September, reaching the highest levels in over a year, as buyers jumped in to seize lower mortgage rates. Still, builders are having to offer incentives to attract buyers in one of the most unaffordable markets in recent history.
In contrast, existing home sales are at a 14-year low—down 1% from the prior month and 3.5% from last year, showing a pace not seen since 2010. Many consumers are choosing to wait, possibly due to economic uncertainty and the upcoming election.
Other data tells an equally challenging story:
Mortgage applications dropped by 6.7% week-over-week.
Delinquency rates are up to 3.48%, with September showing a notable increase.
In this unpredictable market, data is everything. If your real estate or lending professional isn’t following these numbers or analyzing key indicators, then what are they basing their advice on? Outdated slogans won’t help in today’s market.
As both a Real Estate and Mortgage Broker with an MS in Business Analytics, I use data to guide clients, not clichés. If you’re looking for transparent, data-driven advice, let’s talk.
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