With interest rates rising, are there still options for buyers who wanna buy a home? You may be thinking, "How are interest rates going to affect my purchasing power? How difficult will it be to get my offer accepted?" The market has been crazy recently, so I totally understand why you have these questions.
Hi, I'm Stephanie Martenzi, Super Mom Super Agent with Southland Properties, and we are seeing many changes in the market, so let's break it all down for you. Let's look at the data and what experts are saying about this recent shift. According to Keeping Current Matters, the numbers are showing a light at the end of the tunnel for buyers.
Yes, there has been a steady decline in the number of offers that have been received on homes, from 5.5 in April, to 4.2 in June.There has also been a decline in the number of offers that are being presented that are over the asking price. In June, 61% of offers were over asking price, and in July, that number dropped to 55%. And to top it all off, sales are slowing which is causing inventory to rise. Although according to the experts, we are still in a seller's market, and the market still has not returned to the numbers we saw before 2020, but it is still a slow return that could be a positive turn for buyers that are looking for a home.
If you are interested in what the market looks like for you and what options you have when it comes to buying, please reach out to me today and I can help you make the best decision for you and your home. I'm Stephanie Martenzi, Super Mom Super Agent, here to help you have a super fun, empowered and informed real estate experience, by guiding you every step of the way. If you see me out in the community, make sure to say hi.
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