Have you been wondering where the real estate market is headed? Or where we've been lately? Mortgage rates have been wreaking havoc on the market. This morning, rates are above 7% again. This is causing buyers to be super fickle about purchases. Quite frankly, buyers are scared.
In order for a buyer (getting a loan) to feel good about buying right now, it seems the house has to be absolutely perfect, move-in ready and no repairs needed. Homes that fit this category are moving quickly, and some with multiple offers. So, we have this weird dichotomy where the market looks red hot in one place but dead in others. Overall, there are far fewer "perfect" homes than ones that need a little love. So, this is leading to lower home prices overall, and the graphs below support that. We are running closely in line with 2021 pricing.
