We aren't yet into the dog days of Summer but it feels like it! Terribly warm and humid around these parts. As most of you have likely seen, there have been adjustments to the federal advisory for rates; and this has had an effect on interest rates rising. Any rise creates an affordability issue for some of our buyer pool, as well as changes the sensibility in refinancing any current loans. What does that mean for the market itself? You will likely see a small reduction in prices, longer days on the market, and a buyer expectation that your property will be turnkey. During the last three years, we have experienced sales with little to no concessions for a buyer and that appears to be shifting. Especially with higher interest rates and costs to obtain said interest rates, often, a seller is being asked for a contribution to the buyer's cost. Despite what others may say, this assists us with keeping quality homes on the market for potential buyers as the expectation is that we get it sold versus just "playing" with the market or otherwise listing a property that may need a lot of work to make it turnkey.
Of course, if you have any questions or want to discuss your specific position, holler at me! Have a wonderful week!
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