My Realtor Melissa

The market is changing very quickly!

It is going to take a little time for current Sellers to realize the values are not going to be what they were last year, or even 3 months ago. The higher interest rate changes Buyer affordability, which changes value. There are still many Buyers out there wanting a home...if your home is sitting, the price needs to 'correct' in order for their principal + interest payment to now be affordable.

Many of my Buyers over the past few years have already had to buy something with less of their "wants" because of the quick rise in pricing. Those still looking just got bumped out by a 7% rate.....the only resolution is a price correction :-/

MARKET UPDATE 🏡💲

IF YOU READ NOTHING TODAY, READ THIS:

Winter months are the best time for negotiations so keep your eyes open now. If you need financing, I wouldn't wait for a supposed "crash"... as the mortgage rates increase, your buying power shrinks. We don't foresee a "crash" because sale inventory is still very low. Without enough supply for the demand, there is still some bidding competition right now. Yes you are seeing SOME price reductions. Why? Those sellers/agents were pricing the home gauged around where the market was last year (more than the last comparable sold), but that may be a tad aggressive. The Buy-side has softened slightly because rates are up & buyers have become cautious of the economy, but prices aren't technically dropping. If you wait until Spring...you are going to be in a fight all over again.

If you need help I'm here for you