Serhant Team Lead and Licensed Real Estate Agent Sean McPeak joins Wealth to discuss the housing market and share advice for home shoppers.
McPeak forecasts mortgage rates dropping below 6% in the coming year, with the 30-year fixed rate likely reaching 5.8%. He notes that this decrease depends on the Federal Reserve continuing its interest rate-cutting cycle and proper market risk pricing.
"Better conditions for buyers" are emerging across the market, McPeak explains, with cooling prices in various states and increasing inventory in urban and mid-country regions. "I do think conditions have improved; however, in markets like New York City, where there is a lot of regulation and a very high cost of labor, we are seeing less supply come into the market, which is also kind of keeping prices propped up."
For prospective homebuyers, McPeak recommends targeting properties that have been listed for extended periods and limiting house tours to six per day, noting that "after a long day of shopping for houses, it all kinds of blends together." He also suggests maintaining a reference file for preferred properties.
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