The big news, of course, is that interest rates are on the rise. The takeaway is: Don’t Panic! We really needed something to calm the frantic market we’ve had for almost two years. Historically, rates around 5-7% are very normal and indicate stability in the economic markets. Interest rates of 2.25% ARE NOT (nor are those at 19% – yikes!). Additionally, we could not sustain the trend of homes selling for $100,000-200,000 over asking price. With all that said, the market is still very busy and we still have a shortage in inventory. But we are seeing a slight slowing with the climbing rates along with more reasonable offers. Some buyers are even asking for inspections again! Like the world, real estate goes ’round and ’round. 🙂
Market Snapshot: March 2022