August National Market Update #2
With interest rates rising are there still options for buyers who want to buy a home? You may be thinking, how are rising interest rates going to affect my purchasing power? How difficult will it be to get my offer accepted? The market has been crazy recently, so I totally understand why you have these questions.
We are seeing changes in the market recently, let’s break down the data and what experts are saying about this recent shift. According to Keeping Current Matters, the numbers are showing a light at the end of the tunnel for buyers. There has been a steady decline in the number of offers that have been received on homes, from 5.5 in April to 4.2 in June. There has also been a decline in the number of offers that are being offered that are over the asking price. In June 61% of offers were over asking price, and in July that number dropping to 55%. And to top it off, sales are slowing which is causing inventory to rise, which is a good thing for a buyer.
Although, according to the experts, we are still in a sellers market, and the market still has not returned to the numbers we saw before 2020, but it is still a slow return that could be a positive turn for buyers that are looking a for home. If you are interested in what the market looks like for you and what option you have when it comes to buying, please reach out to my team today and we can help you make the best decision for you and your home.