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Real estate experts explain how to navigate the market
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Prospective homeowners who need to move now are not completely out of luck, even with elevated home prices and soaring mortgage rates, which recently topped 7% for the first time in two decades.
Real estate experts told FOX Business that there are still some benefits to jumping into the market right now.
For one, with competition waning, "buyers don’t have to make a decision quite so swiftly," according to Clare Trapasso, executive news editor of Realtor.com.
US MORTGAGE INTEREST RATES JUMP TO 7.16%, HIGHEST SINCE 2001
"There is also much less competition now that fewer buyers can qualify for mortgages and can afford the homes they want," Trapasso said. "So, buyers are less likely to get entangled in costly, emotionally draining bidding wars."