Study: 2 out of 3 Homebuying Americans waiting for rates to drop
According to a recent study conducted by Money.com, a majority of Americans who are seen as potential homebuyers are waiting for mortgage rates to come down before jumping back into the housing market.
The survey stated that 65% of respondents are delaying their homebuying plans because of the current market conditions.
The survey also cited that the housing market has started to cool. Nationally, median home prices are down $18,000 compared to last year with some metro areas seeing even more significant declines.
Lastly, the survey highlighted that with fewer buyers entering the market, this may be an advantageous time for those who are willing to jump in. With fewer buyers on the market, sellers may be more willing to make concessions or reduce prices.
How is the real estate market in Austin, TX performing?
Once one of the hottest housing markets in the country, Austin, TX has definitely cooled off. From July 2022 to April 2023, the average home price in Austin is down more than 10%. That drop off is among the largest in the country.
Claire Losey, a housing economist for the Austin Board of Realtors, stated, “We’re not witnessing a ‘crash’ in home prices in Austin. Prices are readjusting to current conditions in the broader economy — persistently high inflation, the doubling of mortgage rates over the past year-plus and a decline in consumer confidence.”
How long does it take to get approved for a mortgage?
Most mortgage lenders require anywhere from a few weeks to a few months to approve a homebuyer for a loan. Guaranteed Rate wants to help homebuyers compete in the current market, and one way to do that is with a Same Day Mortgage.*
The Same Day Mortgage programs allows homebuyers to get documents signed off on in as little as one day and get an approval on a mortgage in 10 days.**
The process for a Same Day Mortgage is surprisingly simple.
- You’ll need to have proof of income, tax returns, bank statements, and other documents ready.
- You’ll upload all your documents when you apply for your mortgage.
- Get your information validated in a day
- Close in as little as 10 days.
If you’re ready to apply for a Same Day Mortgage, get started today and get into your new home before you know it!
* Guaranteed Rate’s Same-Day Mortgage (aka “FastTrack”) promotion offers qualified customers who provide certain required financial information/documentation to Guaranteed Rate within 8 hours of locking a rate on a mortgage loan the opportunity to receive a loan approval within 1 business day of timely submission of documentation and does not suggest that the borrower will receive funding on the same day as their application submission. For purposes of this offer, documents provided after 1 pm local time or on a weekend or company holiday will be deemed submitted the next business day. Guaranteed Rate cannot guarantee that a loan will be approved or that a closing will occur within a specific timeframe. Guaranteed Rate reserves the right to revoke this approval at any time if there is a change in your financial condition or credit history which would impair your ability to repay this obligation. Read and understand your Loan Commitment before waiving any mortgage contingencies. Borrower documentation and Intent to Proceed must be signed within 8 business hours of receipt. Not eligible for all loan types or residence types. Minimum down payment requirements apply. Self-employed borrowers and Co-borrowers are not eligible. Not all borrowers will be approved. Borrower’s interest rate will depend upon the specific characteristics of borrower’s loan transaction, credit profile and other criteria. Eligible borrowers who successfully provide all required documentation within 8 business hours will receive a $250 Closing Cost Credit applied at closing, no cash value, and may not be combined with any other Lender promotions, discounts, or concessions. Not available in all states. Restrictions apply. Visit Rate.com/same-day-mortgage for terms and conditions.
**Eligible borrowers must qualify for a “Clear to Close Loan Commitment” (“CTC”). Guaranteed Rate cannot guarantee that a loan will be approved or that a closing will occur within a specific timeframe. CTC is subject to certain underwriting conditions, including clear title and no loss of appraisal waiver, amongst others. Not eligible for all loan types or residence types. Minimum down payment requirements apply. Property must be eligible for an Appraisal Waiver and borrower must opt in to AccountChek for automated income and asset verification. Self-employed borrowers and Co-borrowers are not eligible. Not all borrowers will be approved. Restrictions apply.
Pre-Approval
in 10 minutes?
in under 10 minutes. Grab a few important documents to get started.
- Tax Returns
- Copies of W-2s (or 1099s for independent contractors,
freelancers and the self-employed) - A payroll stub
- A bank statement
- Loan obligation info (student loans,
auto loans and credit cards)
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply.
All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate. Guaranteed Rate its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.
