Market Update for week of 4/26/2023
The real estate market is bustling with activity! Prices, showings, and offers are all on the rise, despite interest rates also increasing. This can be attributed to a variety of factors, including buyers recognizing that rates won’t be as low as 4% again, a historical shortage of homes for sale, and sellers being flexible with pricing and repairs. Additionally, the traditional Spring market has provided a boost. Over the past month, we’ve seen many of our appropriately priced listings receive multiple offers and enter bidding wars, leading to sales above the asking price. While this is a significant change from earlier in the year, it’s not as extreme as the bidding wars we saw in 2021. Overall, it’s a balanced market that benefits both buyers and sellers. If you have any questions, don’t hesitate to contact us! 951- 487-7007
