The recent change in our housing market might actually be a good thing.
As you know, interest rates are rising to curb inflation. The cost of things can be a little discouraging right now, but there is plenty of good news coming from our housing market.
Right now, things are balancing out, so buyers won’t be so rushed when looking at homes. Buyers can also do all the inspections that they would like, which is good. We want buyers to fully inspect their properties. Buyers are also making contingent offers again, which is a good sign.
Price reductions are being made in our market. On average, about 30% of homeowners make a reduction before their house goes pending. Of course, this is great news for sellers too, because that means 70% didn’t have to make a reduction. On top of that, multiple-offer situations are still happening with good homes.
Our market is becoming balanced. There are now homes that you can get for under the asking price, you can do all the inspections you’d like, you can take more time, you can have a contingent offer, and you can ask for repairs to be made. Plus, sellers may be willing to help pay down your interest rate. Meanwhile, good homes are still selling quickly and for high prices.
We are always here to help. If you have any questions, please call or email us. We look forward to hearing from you!