The interest rate hikes appear to be doing what they were meant to do. The market is cooling down, but it’s a minor cool-down and not concerning. We needed things to calm down from the frenzy. We’re starting to see the occasional price drop and houses still on the market after two or three weeks, but only here and there. Many are still selling the first weekend and with multiple offers. The norm is becoming maybe two to four offers vs 20 or 30 in 2021 and earlier in 2022. Over-ask bidding has also tamed to much smaller amounts but is still pretty common. So market behavior is not dramatic but, of course, 7% interest rates can feel daunting. Consider saving a little extra to buy down your interest rate or asking sellers for a credit for that purpose. There are always ways – strategy is key! Let’s grab coffee and talk it through.
Market Snapshot: August 2022