Buy And Sell Your Home With Trusted Partners

Mar 29, 2024

6-minute read

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The front of a rural two story house.

Whether it’s your first time buying a home or your fifth, it’s a challenging market out there right now. Inventory is tight and it may take you longer to find an affordable home in this market. However, you’re not without allies.

With BUY+ and SELL+, only with Rocket Mortgage® and Rocket HomesSM, you can buy a new place and sell your current home with support in your corner .1,2,3,4

State Of Housing

We understand the difficulty that many are facing trying to buy a home in the current market. Interest rates and prices are both pretty high. Higher prices have been a thing since the beginning of the pandemic. People realized their space didn’t match their new lifestyle. Dissatisfied with their homes, they looked for new ones, driving up demand.

In addition to a change in demand, higher prices were also supported by relatively cheap borrowing costs because lower rates meant lower monthly payments. However, with demand being so high and inventory being so low, prices generally haven’t come down with higher rates, although every market is different.

For the first time in a year, existing home sales picked up in February. What’s more, prices were down 0.2% compared to a year ago, although inventory could certainly still be higher. Inventory was 2.6 months relative to the current pace of sales in February. We focus on existing sales, because traditionally, these sales outpace new homes by at least 4:1 and are typically more affordable.

The combination of higher rates with stubbornly high prices can feel like a double whammy. It’s hard, but we’re here to help with some new options.

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