CHARLOTTE, N.C. — There's some good news: Mortgage rates have fallen from their October highs of around 8%. But for first-time homebuyers? This might not be the news you’re looking for.
As ConsumerAffairs reports, falling rates may have excited buyers but they haven’t moved sellers. To break it down, many current homeowners are not really motivated to sell right now.
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If they have a mortgage rate of around 3%, they might not be ready to list their homes for sale and buy another one until rates are a lot lower. This brings in supply and demand. People who are looking to buy a home are competing with one another for available homes. In the past, this has resulted in bidding wars and higher home prices
So what can you do? ConsumerAffairs suggests relocating.
They said house hunters, who are willing to move to a lower-cost city where available homes are more plentiful, may find the best opportunities
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