Is it a good time to buy a home?

• "Is it a good time to buy, or should I wait for mortgage rates to come down? While it's likely mortgage rates will come down from their current highs, the reality is it's impossible for most people to perfectly time the market. Your home is a long-term investment, so if you know you'll be happy there for years to come, you'll have the flexibility to refinance if rates come down. In the meantime, there are ways—like buying down your rate or choosing a creative financing option like an ARM—that can keep your monthly payment in check."

• "Will prices fall any time soon? It's unlikely. The national median home sale price increased in July because so few homes were on the market. While that dynamic mainly benefits sellers, there's some good news for buyers, too: homes are selling for much closer to their asking price, even in competitive situations. That means what you see is likely what you get when it comes to prices."

• "I read about a 1% down payment loan offering. Is that something you'd recommend? There are several low down payment loan programs making a splash in the news. These options can work well for some buyers, but they are often hard to qualify for or come with tradeoffs hidden in the fine print. It's important to shop around and talk with a lender to figure out which option works best for your financial situation. Be sure to check the financing options available through Redfin's affiliated mortgage company Bay Equity* or your preferred lender."

What Sellers Need to Know

• "Is it a good time to list? Early fall is an opportune time to get on the market. We often see a bump in buyer activity after Labor Day as summer vacations come to an end, then things typically slow down significantly over the holiday season. Let your customer know that if they are looking to sell this year, you can get their home on the market quickly, with professional photos, staging, and marketing materials to make it shine."

• "Is the market competitive right now? The market isn't as hot as it was last year—the average home takes about a week longer to sell and typically goes for exactly its asking price—but we are seeing competition in pockets. Bidding wars are most common on well–priced homes with modern updates, so pricing and preparation are key for sellers."