All of today's home buyers have heard the bad news. Now, here's the good news

These are rather dark days for the apartment buyers, who are straining to break through between the increase in mortgage interest on one side and the increase in apartment prices on the other.
The pain is real - but a home loan alone is not the whole picture.

We've reviewed real estate statistics that suggest buyers who embrace the market today may find some surprisingly favorable terms that could actually offset some of their financing woes.
This is where these benefits lie, so both homebuyers and sellers can stay in control of today's incredibly changing market.
How the Fed sent mortgage rates soaring
It's likely that many homebuyers were dismayed on Wednesday when they heard that the Federal Reserve had once again raised its short-term interest rate by three-quarters of a percentage point – a move that is pushing mortgage rates through the roof. And the already high rates are only increasing.

According to Freddie Mac, for the week ended September 22, the average 30-year fixed mortgage rate increased to 6.29%, up from 6.02% the previous week, which was already the highest level seen since 2008.
"There is no doubt that the increase in mortgage interest rates will make the purchase of apartments even more challenging," notes Realtor.com economist Jiayi Xu in her analysis. Nevertheless, she adds, "buyers may still find opportunities, as these changes coincide with the time of year when buyers have historically found the best market conditions to gain more bargaining power."
Will the rise in mortgage interest bring down house prices?

With high interest rates eating away at buyers' borrowing power, the hope is that house prices will ease a bit to compensate. But whether that happens remains to be seen.
In August, home prices hovered around a national median of $435,000. And the prices are still rising - by 13.1% for the week that ended on September 17 compared to the corresponding week last year.
Although this is the 40th consecutive week of double-digit growth year-over-year, "the overall trend of home price increases is cooler, with the rate being significantly lower than what we saw between March and August," says Shaw.

In addition, house prices tend to fall seasonally as we head towards the holidays.
"Home prices typically decline as we move into the second half of the year, one of the key seasonal trends that help make fall the best time to buy a home, especially for first-time buyers," says Shaw.
In fact, this year's data suggests that the best week to buy is September 25 through October. 1 – This is when national median home prices are expected to fall $20,000 below June's all-time high of $450,000.

Will home sellers still be willing to sell?
Another question at the moment is whether the apartment sellers are willing to lower their expectations - and the prices - to meet poor apartment buyers halfway. So far, potential sellers seem nervous.
In the week ending September 17, the number of new listings on the market decreased by 10% compared to the same week last year. This is the 11th week in a row of year-over-year declines, and another double-digit decline.
"The sellers are less optimistic about the conditions compared to a year ago," says Shaw.

However, the total housing stock - a mix of new and older properties still on the market - increased by 28% compared to last year. Many have become so outdated, sellers are lowering their prices.
"Although the number of new listings was lower last week, today's buyers have more than five homes to consider for every four they had this time a year ago," says Shaw. “Buyers have more options than they have had in a long time. On top of that, we are approaching autumn, which is usually the annual seasonal high score for active stock."
How much time do apartment buyers have?

While home buyers typically only have 34 days to make an offer before the listing is seized, the mad rush to buy is slowing.
In the week ending September 17, properties spent six more days on the market than a year earlier. This is the eighth week in a row of houses lasting longer than last year.
That bodes well for homebuyers who stick to their guns, have their ducks in a row, and are ready to pounce on the right property.
As Shaw explains, today's market "will favor persistent and informed buyers who are ready to purchase."