The market is starting to shift, but what does that mean for you?
Now that interest rates have increased, people are asking, “How will higher interest rates impact homebuyers?” Even though the market is starting to get easier for buyers, remember that we are still in a strong seller’s market.
Before interest rates rose, the extreme competitiveness of the market impacted almost all price ranges. Many homes were selling for more than list price and with multiple offers. Now, fewer homes receive multiple offers, and they linger on the market for longer periods. This makes it easier for buyers to enter the existing home market.
When the market was hot, offers with sales contingencies were less likely to be accepted because of the risk to the seller. If the market continues to shift, buyers who need to sell may no longer have to sell their current home before buying. This could help make it easier for buyers and sellers, as long as it doesn’t swing over to a buyer’s market. We will continue to watch these conditions very closely and keep you updated.
If you’re thinking about moving to another state and need an agent from that area, let us know, and we will connect you with a great Realtor. Just give us a call or send us an email. We look forward to hearing from you.