"By the numbers, things are looking better for home buyers this fall. Active listings are up. Mortgage rates are down. October mortgage rates may drop, too, thanks to a widely expected cut to the federal funds rate at this month's Federal Reserve meeting. In fact, the economists at Realtor.com say Oct. 12-18 will be the best week to buy a house all year, pointing to friendlier trends in inventory, competition and seasonal price cuts."
"Jessica Galvanek, 32, has been searching for a home in Pittsburgh for about a year and a half. She recently left her job as a mail carrier to work for her partner's family business, an auto repair shop. The couple is house-hunting together with a maximum budget of $350,000. The median listing price in Pittsburgh is $269,000, according to Realtor.com. Galvanek's dream home is a prewar charmer from the 1930s (or earlier), with original woodwork, pastel tile and her one absolute must-have: radiators."
Active listings have risen and mortgage rates have fallen, with a widely expected federal funds rate cut potentially lowering October mortgage rates. Economists at Realtor.com identify Oct. 12-18 as the year's best week to buy because of improved inventory, less competition and seasonal price reductions. Inventory remains roughly 13% below pre-pandemic levels, keeping buying conditions constrained. Buyers with tight budgets face competition from corporate real estate firms that acquire entry-level properties and local flips that remove original character. House hunters in markets like Pittsburgh report difficulty finding older, characterful homes within modest budgets, forcing decisions about compromises.
Read at SFGATE
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