Friday, July 15, 2022

Real Estate Still Humming, but not Roaring

The theme over the last several weeks has been the improving inventory levels that are providing some relief for buyers. Very few buyers are giving up tradition contingencies like they were just a couple of months ago. Sellers possibly feeling the 'top' are starting to list and that give's buyers a chance to sniff around, and check things out. Listings priced at market or a tad higher are sitting around a bit and receiving offers near list but not necessarily above asking. Well priced listings are even seeing the marketing time approach 30 days and that is healthy, by any account.

Buyers still have to be wary of changing conditions in the lending market. An aggressive Fed could push rates even higher. The rates right now are very near the 50 year average, so they are not "high" just higher than the record lows we have enjoyed for nearly three years. Things could get worse so buyers should consider whether they want to wait and be priced out for a few years or get something now while rates are still manageable.

What ever the choice, buyers will find more reasonable sellers and an easier offer environment than we have seen in the last two years.

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