Will it Become a Buyer's Market Anytime Soon?

Cornerstone Mortgage Group, a leading mortgage company in New Jersey offers premier mortgage services. Whether you are looking for a home loan to purchase your first home or looking to get a better mortgage rate on your current house.

If you're wondering whether we'll be seeing a buyer's market anytime soon, the answer is not likely. Here's why:

Buyer's Market vs. Seller's Market: The housing market is typically categorized as either a buyer's market or a seller's market, based on the housing inventory numbers. A buyer's market is when there is an inventory of more than six months, and a seller's market is when there is less than six months of inventory.

Current Housing Inventory: According to the National Association of Realtors, the current housing inventory is at 2.2 months, indicating that we're still very much in a seller's market. While this is slightly up from last year's levels, it would take a significant increase in inventory levels to move towards a buyer's market.

Future Market Conditions: It may take several years for the housing supply to meet the current demand, which is driven by demographic trends. Therefore, we don't expect to see a buyer's market in the near future.

If you're thinking about buying or selling a home, it's important to understand the current market conditions. With the housing market still in seller's territory, it's crucial to work with experienced professionals who can help you navigate the market and make informed decisions. At Cornerstone Mortgage Group, we're here to help you with all your mortgage needs. Contact us today to learn more.