08/12/2022
Market Update - August🏡
We have seen an impressive increase in inventory recently, which is great news for home buyers looking to find the perfect home! Interest Rates have also come down to just over 5% now on a 30 year fixed mortgage which historically is still very low! With the increase in inventory, sellers are experiencing more pressure as they are now having to compete with other properties which is why we are seeing many price reductions too. We have begun to see the shift towards a more balanced/stable market and are no longer seeing the unrealistic way over asking offers and fire sales that sellers have come to expect. Instead, homes are now starting to sit on the market longer and sell for what they are being appraised for. However, prices continue to appreciate but at a more normal rate of 3-10% year over year. Recession? Our economy shows great signs of strength but historically prices usually don't fall even during a recession, as the real estate market operates somewhat independently and usually continues to go up.
It is still a great time to buy, sell or Invest! Remember, real estate is a long term investment!
If you’re interested in learning more or have any questions about this current market we’re in, please feel free to message me anytime, I’m here to help🏡
