Activity picks up as mortgage rates continue to fall. Buyers are finding more options in the market with the increase in inventory.
Weekly Market report from Bright MLS
More buyers will be returning to the market as we move through 2023. However, inventory will stay relatively low, as many existing homeowners remain “locked in” to their low rate. As a result of rebounding demand and still-low inventory, home prices in the Mid-Atlantic will be relatively stable.
Good morning Margaret. Homeowners who would normally make a move are "locked in" by low mortgage rates are a bigger problem than current mortgage rates. If banks got back to passbook rates of 5%, mortgage rates of under 8% would not be a problem.
Remember the 70's??????
Margaret Rome Baltimor...
Pikesville, MD
Wayne Martin, I agree that homeowners with low rates are unwilling to give them up.
Good morning Margaret,
We are seeing increased activity in Open Houses as buyers are making peace with higher interest rates and sellers are making peace with negotiating! LOL! 2023 is going to be a good year in real estate, still lower inventory but higher than last year.
Dorie Dillard Austin TX I agree ''2023 is going to be a good year in real estate."
Margaret your market reports always look very professional, and really stand out.
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