You have likely heard the term “market shift” or “market adjustment” or even the “winds of change” after a very wild ride in the real estate market during the worldwide pandemic. Historically low interest rates, coupled with low inventory created a whirlwind of escalating prices and unprecedented bidding wars for many properties.
Regardless of the terminology to describe it, we are seeing some definite changes in the housing market. And despite increased interest rates, these changes may actually help buyers who have languished in a market frenzy.
How could that be?
• Increased inventory gives buyers more options. While many buyers struggled with rapidly rising prices and multiple offers, greater inventory can level the playing board for buyers.
• With the rise in interest rates and decreased buyer intensity, fewer bidding wars are erupting and many homes are even advertising price reductions. Some sellers are even entertaining closing cost credit or interest rate buy downs to stand out in the market. In some cases, buyers are in the driver’s seat during negotiations—which we haven’t seen in several years!
• Although interest rates have risen from historic lows, there are a lot of great loan options available for qualified buyers. Let me know if you’d like to meet a loan officer. I’d be happy to point you in a good direction.
Check out my website for great Buyer Resources. And when you feel ready to discuss your “next best move,” whether it’s buying, selling or investing, I’d love to talk to you.
And I can’t wait to provide you with the great service that you deserve.
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