So how’s the market Andrew? It is an interesting question.
We have seen a significant rise in inventory. We have 40% more inventory now than a year ago and 20 % more than last month. When inventory rises significantly faster than sales, you would expect it to create downward pressure on sales price.
Rates have remained relatively steady and the buyer pool has come to see the high 6 to 7% rates as the new normal. Coupled with the expectation that rates will drop over then next 6-18 months, buyers are re-entering the market. This will help prices remain flat overall.
If we see rates drop and maintain at the 6% mark, we are likely to see pent up buyer demand increase. That is a large “if” right now. We will keep an eye on that.
As always, if you have questions, or know someone needing help navigating the market, please give me a call.