Here is your market update for October. Rates have continued their upward trend as the fed raised its benchmark rate by another 75 basis points last month resulting in rates hovering around 7.35% which represents an increase of a full 2.0% over the course of the last two months or so resulting in buyers becoming pickier and choosier than ever and many giving up. The best priced homes with the most to offer are still selling. Our listings are still being shown. Offer terms are continuing to sway towards the buyers as we have seen not only the return of closing costs paid by the seller, but additionally we are seeing rate buy downs paid by the seller to make the payments more affordable. Even though prices have retreated slightly we are still at historical highs for now and outside of the first 5 months of the year prices have never been higher. As the number of homes on the market continue to rise and people who HAVE to sell adjust their prices we will see an even larger leveling off of prices, interest and activity. Long story short, if you need to sell, and are realistic about the value, your home will still sell and sell quickly. If you want to test the market at a high price, it’s not worth the stress and frustration of your home sitting without showings.
REMAX Empire agents and The Murray Team are always here for your real estate questions, so please reach out if you want to discuss in more detail.
