What You Need To Know About Our Market
How interest rates, home values, and the recession affect real estate.
Due to rising interest rates, it looks like our market is cooling off. In April, the average home sold for 107% of its list price. Now, homes are selling for 99.3% of their list prices.
The Federal Reserve continues to raise interest rates, but mortgage rates are down. Many lenders are quoting qualified buyers in the high 4% range, which is much better than what we’ve seen recently. As a result, more buyers are entering the market.
"If you’re waiting for a crash, it will only get more expensive to buy."
Right now is a great time to buy or sell. Inventory is up, and rates are down for buyers. You can likely purchase a great home without the crazy competition we saw earlier this year. Meanwhile, prices remain at historic highs, and more buyers are entering the market. Sellers can still get a fantastic deal for their homes right now.
If you have questions about today’s topic or anything else, please call or email us. We are always willing to help!