A frequent question that I’ve been asked recently around the state is, “what is the market like?” While interest rates are up from where they have been for a few years, and buyers have slowed down slightly, my greatest issue is still lack of inventory. Buyers are lacking options, but are able to take some time deciding what they want. While a home may sit a little longer, sellers are still close to their original list price when an offer is made. Occasionally a new listing may receive a couple of offers with only a few days on the market.
My expectation is that while there may be more homes coming onto the market over the next couple of months as they naturally do in the Spring, buyers are going to return to the market also, but now as they will be more adjusted to the higher rates.
We're reaching a sweet spot where buyers and sellers can both take advantage of this market. Buyers no longer have to compete with ten or fifteen offers over asking price, and sellers, if priced well, can expect a solid offer on their home with still relatively low market exposure.