Here’s what you need to know about our current real estate market.
Recently, many clients have asked me, “Is our market crashing?” The short answer is “No”. But, clearly, it has changed.
A real estate market activity is always a function of supply and demand. What we are currently experiencing is decreased demand **caused by rising mortgage interest rates ~ as much as 2 points higher than rates this time last year ~ and **increased supply due to seasonality ~ more people, historically, list and sell their homes in the summer time.
Is this bad?
Not necessarily.
If anything, it’s making our market more easily navigable for home buyers while still allowing sellers to maximize their equity due to market appreciation over the past few years.
“The housing market is moderating compared to the last two years, but what everyone needs to remember is that the past two years were record-breaking in nearly every way.”
Homes are staying on the market a little bit longer and it’s more important than ever that sellers prepare and price their home properly.
As always, I appreciate the opportunity to be your residential real estate resource.
If you have any questions about today’s topic, please reach out to me via phone or email. I’d love to help in any way I can!
