Interest rates may be consistently on the rise these days — February marked the 8th increase since March 2022 — but you can still find plenty of opportunity in the current real estate market.
For one thing, home price growth has started to slow nationwide, according to the S&P CoreLogic Case-Shiller Index, which means you could land your dream home for less than you might have expected. The most recent data shows a sixth consecutive month of declining home prices in the U.S., as of December 2022.
Another shift is that homes are receiving fewer offers these days, according to data from the National Association of Realtors (NAR). On average, homes listed in January 2023 are receiving just 2.5 offers, compared with the 3.9 offers they received a year prior. This could mean more room for negotiation than you would have had over the past few years.
To help you navigate the current market conditions, we asked industry pros for their best advice on becoming a more competitive buyer. Here are their top tips.