Answering four common questions about our changing housing market.
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A lot has changed in our market recently, so Lisa and I will give you a quick snapshot of where we’re at by answering some of your common questions.
Is it a good time to sell your home and buy another one?
Yes, it is. Our market is still strong. Interest rates are fluctuating, so it’s important to price your home properly. It used to be you could price your home as high as possible and still get multiple offers, but now the market has shifted a bit. Once you get your old home under contract, you’ll have more options when you buy your new one.
How are interest rates affecting the market?
Interest rates have climbed since the start of the year, but for the last month, they’ve fluctuated around 5.5%. These rates aren’t incredibly high either. While they may have slowed the market a bit at first, buyers have gotten used to them now.
“It’s important to price your home properly.”
What does the current housing inventory look like?
At the beginning of April, we had 3,500 active homes on the MLS. A week ago, we had 5,100 active properties on the market. Inventory is up, but our market had so little supply that this increase helps. Before, it was hard for buyers to get under contract because there were so many offers on each property; now, each home might only get a few offers.
How does the current inventory affect home values?
It hasn’t affected prices directly, though we are receiving fewer offers over the list price. Again, this is a good thing for our market. Sellers might not be getting quite as much for their homes, but buyers have more options.
Hopefully, this gave you a good idea of what’s happening in our market. If you have any questions, call, text, or email us. We’re here to help.