 |  | Humboldt's prospective buyers have been patiently waiting for Humboldt's housing market to soften in hopes that it creates an opportunity to get a great property at a great price. Unfortunately these opportunities don't just grow on trees, but recent interest rate reductions might have just sprouted a few new saplings. Over the last month we've seen inventory hit the market at a higher rate than the summer months, and because of that, listings are starting to sit on the market for a little longer, which then translates to prices creeping lower and lower (as seen in the table above). As you can imagine in a market like ours, where the majority of our county's residents can't afford the entry level home price after the COVID market bump, rate reductions have a monumental impact on local buyers. Personally, I heard from four different buyers over the last two weeks who I hadn't spoken with for six to eight months, because they were intrigued by the rate reductions, and now two of them are in escrow! Long story short, the right time to buy isn't determined by rates and hot/cold markets, it's determined by each individual buyer's life situation. If your finances are in order and the perfect property is available, then yeah maybe that's the right time to pull the trigger. Conversely, there will always be more listings that hit the market, and the temperature of that hypothetical market will likely play a major factor in your decision to pull the trigger and write an offer, or wait for something better.
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