June is National Homeownership Month, a time to reflect on the value of owning a home, not just as a financial asset but as a foundation for stability, community and long-term wealth. But as we recognize the importance of homeownership, many would-be buyers are still sitting on the sidelines, waiting for the “perfect” time to make their move.
Andrew McGranaghan, chief development officer for Wallace Real Estate, relates, “Our agents talk to buyers every week who are hoping that mortgage rates will drop further or that prices will come down. It’s a natural instinct to wait for better conditions. But in real estate, waiting it out can sometimes be the most expensive strategy of all.”
Andrew provides more guidance to consider:
Recently, mortgage rates saw a slight downward trend, and while that’s welcome news, the overall landscape remains dynamic.
Home prices continue to appreciate year-over-year, though growth has slowed month-over-month. Meanwhile, mortgage applications are finally showing signs of life, with increases in the first two weeks of June. That suggests that people are still interested in making a move this summer, and that they may now have more choices in the form of increased inventory on the market.
Here’s some additional good news. New listings were up over 10% in our region in May, and up 13.4% for the year. That leaves potential buyers with more options to choose from, more leverage and the opportunity to find the right home for their needs. Don’t expect these increases to lead to drastically falling prices though, as the market conditions in our area continue to point to stable price appreciation. In other words, now is as good a time as any to make the decision to start building real wealth and get into the home that will suit your needs.
If you’ve been on the fence about buying, consider this your invitation to get into the game. Homeownership is still one of the most powerful ways to build long-term wealth. And here in East Tennessee, it also means putting down roots in one of the most desirable and connected regions in the country. Perhaps you’ve heard the adage “The best time to plant a tree was 20 years ago, but the second best time is now.” The same can be said about buying real estate in East Tennessee.
Wallace Real Estate has been helping our neighbors around East Tennessee and beyond find homes since 1936. Their experienced agents understand the nuances of the current market and can guide you toward opportunities that make sense for your unique situation.
Start your journey to homeownership today at WallaceTN.com.
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