A recent survey from Bank of America asked would-be homebuyers what would help them feel better about making a move, and it’s no surprise the answers have a clear theme. They want affordability to improve, specifically prices and rates (see below):
Here’s the good news. While the broader economy may still feel uncertain, there are signs the housing market is showing some changes in both of those areas. Let’s break it down so you know what you’re working with.
Prices Are Moderating
Over the past few years, home prices climbed fast, sometimes so fast it left many buyers feeling shut out. But today, that pace has slowed down. For comparison, from 2020 to 2021, prices rose by 20% in a 12-month period. Now? Nationally, experts are projecting single-digit increases this year – a much more normal pace.
That's a sharp contrast to the rapid growth we saw just a few short years ago. Just remember, price trends are goin ...

 


There’s a new divide in housing right now. In some states, buyers are gaining ground. In others, sellers still have the upper hand. It all depends on where you live. Curious what's happening in your state?
These 3 maps show how the split is playing out across the country. In each one:

Darker Shades of Blue = Buyer friendly
Lighter Shades of Blue = Seller strong

Inventory Sets the Stage
While the number of homes for sale has improved pretty much across the board, how much growth we’ve seen can look dramatically different based on where you live. And that impacts who has the leverage today.
This map uses data from Realtor.com to break it down:

The darker shades of blue show where inventory has risen more than in other areas of the country. Buyers here have more to choose from and should have an easier time finding a home and leveraging their negotiating power.
The lighter shades of blue are where inventory is ...

 


For the past couple of years, it’s been tough for a lot of homebuyers to make the numbers work. Home prices shot up. Mortgage rates too. And a number of people hit pause because it just didn’t feel possible. Maybe you were one of them.
But there’s some encouraging news. If you’ve been waiting for a better time to jump back in, affordability may finally be showing signs of improvement this fall.
The latest data from Redfin shows the typical monthly mortgage payment has been coming down, and is now about $290 lower than it was just a few months ago (see graph below):
And here’s why this is happening. The cost of buying a home really comes down to three things:

Mortgage rates
Home prices
Your wages

Right now, all three are finally moving in a better direction for you. While that doesn’t mean it’s suddenly easy to buy at today’s rates and prices, it does mean it’s not as challenging.
1. ...

If you tried to buy a home a few years ago, you probably still remember the frenzy. Homes were listed one day and gone the next. Sometimes it only took hours. You had to drop everything to go and see the house, and if you hesitated even slightly, someone else swooped in and bought it – sometimes even sight unseen.
That kind of intensity pushed a lot of buyers to the sidelines. It was stressful, chaotic, and for many, really discouraging.
But here’s what you need to know: those days are behind us.
Today’s market is moving slower, in the best possible way. And that’s creating more opportunity for buyers who felt shut out in recent years.
The Stat That Changes Everything
According to the latest data, homes are spending an average of 58 days on the market. That’s much more normal. And it’s a big improvement compared to the height of the pandemic, when homes were flying off the shelves in a matter of days (see graph below):
T ...

Not every homebuyer wants the biggest house on the block. Some want something simpler, more affordable, and easier to maintain, especially in a market where every dollar counts. That’s where condos come in.
For first-time buyers, they can be a smart way to get into homeownership without stretching your budget. For downsizers, they offer less space to maintain with the flexibility to stay in a great location.
And right now, condos are one of the most buyer-friendly parts of the market.
Condo Inventory Is Up, And That Means More Choice
According to the National Association of Realtors (NAR), there are 194,000 condos for sale right now. That’s the second highest amount we’ve seen in the last three years (see graph below):
Just remember, this is the national figure. The exact number is going to vary based on where you’re looking to buy. But, generally speaking, you have more options and less competition.
You’re not stuck wait ...