I have been speaking with quite a few agents recently about the market. It has definitely slowed, they all said. We can see in the office stats that unit sales have fallen since the interest rates started rising. Another indicator is the volume of calls agents are receiving from loan officers, desperate for business themselves. This is just one side of the story.
I listed a home yesterday at $385,000. Locally, this is just under the average home price of around $406,000. The home is in very good condition and the listing photos showed this. By the end of yesterday we had 6 showings and 3 offers all at list price or better. We have 6 more showings lined up for today. Why the feeding frenzy when we all agree things have slowed down? Inventory.
Or more specifically, lack thereof. We just don't have enough homes on the market at the moment to fill the needs of buyers. I also think that the initial shock of rates going up is starting to wear off and buyers are looking again. I just wish I had more homes to sell to them.
If you are thinking of selling your home, give us a call. We will go over in detail what is going on in your area and explain how you can take advantage of this market.