The current market is going through something that’s never happened in our tri-county area. Ultimately, it’s a great time for buyers and sellers alike.
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Recently, I sat down with listing specialist Steve LaMothe to talk about what’s been going on in our market.
The Fed is looking to stabilize interest rates because of concerns regarding inflation. So right now interest rates are expected to remain stable for at least the next two to three months.
This is a great time for buyers to take advantage of these historic interest rates. But, Steve also had some advice he wanted to share with sellers.
According to him, we’re in a window of opportunity for sellers. More homes have gone pending than have come on the market in the last six months. This is the first time this has ever happened in our tri-county area.
As a result of this, both prices and demand have risen. Typically going into June, July, and August we see a pretty dramatic increase in inventory. However, this trend hasn’t been the case this year.
Without this rise in inventory, we’re left with excess demand and not enough homes to feed that demand.
For sellers, this has been great news—since sales prices are up by 6%. This is the best seller’s market we’ve seen in over a decade.
Whether you’re a buyer or a seller, now is the time to take advantage of this market.
If you have any questions or would like more information, feel free to give us a call or send an email. We look forward to hearing from you soon.