5-6-2022: Market Status?
Everyone has heard about the 0.50% increase in interest rates. So what does that mean?
The market is shifting. Sales comps are based on activity in the past, but new and current Active listings showcase how Realtors push the market to get their homes sold, and many right now are pushing for lower prices. The homes with the most showings and activity right now are newer builds and those priced $30,000 or more below comps of just one month ago.
For Sellers, homes will sit longer on the market because more buyers are priced out of the market and Buyers have more choices.
For Buyers still qualified, since more options are available they don't have to offer full retail if the home is priced above the competition. Sellers will be more inclined to accept lower-than-asking prices sooner.
Also, here are some reports I ran this morning for Vancouver, WA, and the suburbia surrounding, for what all of detached homes:
Also, see DOM in the reports below:
Let me know how I can help you.