The biggest change recently is the rise in interest rates from right around 3% to solidly in the 5% range, in just two to three months. Of course, the big question was ‘Will this translate into a slowing down in the real estate market?’, but we have not seen any slowing down at all. Most people realize that, historically, a 5 or even 7% interest rate is not terrible and many of us have lived through periods with much higher rates in the past. They’ll eventually come back down, but not until after climbing a bit higher first so don’t let that put you off if this is the time you’d like to buy.
Market Snapshot: February 2022