Mortgage interest rates have been steadily increasing. As a result, I have noticed that home buyers in the lower price range who have been on the fence about buying are getting motivated. The current housing market is beginning to feel almost like the market did before the real estate bubble burst almost ten years ago.
I remember taking a client to an open house in 2004. We got there almost an hour before it was scheduled to begin. Even though the house has been listed for less than a day, when we got there a buyer's agent was writing a purchase offer. That market pushed people to buy almost anything just to have a roof over their heads.
This weekend I was showing houses to a buyer who needs to move up to a larger home. Many of the houses my client liked had multiple showings scheduled. As a result it was hard to schedule the showings for the houses my client liked. I told my client that it seems like the buyers are starting to panic.
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