Is the housing market starting to cool off?
TWIN FALLS, Idaho (KMVT/KSVT) — Mortgage rates are above 5% nationally and that, paired with all-time high prices, is driving potential buyers away from the market. But could that be a good thing for those who persist?
In markets saturated with buyers, like many areas of Idaho, buyers backing away from the market should mean stronger negotiating power and, eventually, lower prices.
According to mortgage expert GP Theriot, the market is showing signs of returning to normal after two years of rates and prices unlikely to be repeated.
“That’s a good thing, we’re getting back to normal. I mean these prices; it was crazy, and people were willing to pay it. Now’s the time, better than ever, for these first-time homebuyers, or anybody, that were frustrated the past twelve months, get in the game now,” said Theriot from Theriot Mortgage.
Theriot went on to say his belief is the near-term future should show a market much more appealing to buyers, with rates and costs leveling off.
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