Was it the weather? Was it an increase in mortgage rates? It is hard to determine exactly what caused it, but the NAR announced January Pending Home Sales plunged to a record low. Did the coldest January in 25-years keep buyers out of the market? Did mortgage rates popping back over 7% discourage buyers? Was it a combination? Whatever cause the January Pending Home Sales to plunge is actually good news if you are looking to buy. Listing inventory increased again up 26.7% compared to the previous month. The slowing market has Sellers looking to make a deal. Fewer Buyers mean less competition for your dream house. The short term trend has shifted to Buyers. Seller Closing Costs assistance is back. Price Reductions are happening. This is the perfect time to buy. In order to take advantage of the current market Buyers have to move quick. As the Winter thaws buyers return to the market and the advantage shifts back to the seller.
