Quarterly Rundown; May 2022
Spring In Bloom
Hard to believe the Spring season is in full swing, and Summer will be here before we know it! Whether you’re in the market to sell your home, ready to purchase your next home, or are perfectly happy where you are - there’s no denying what a little landscaping can do. If flowers aren’t your thing, focus on a well-kept lawn. It’s a no-brainer and returns the most on your investment.
Market Update
We are starting to see some modifications in our area’s market! With interest rates on the rise, things for buyers are changing - which inevitably changes things for sellers too! For the last 18 months, and interest rates so low, buyers have been willing to bid higher and higher to win properties over the many (many) other buyers in the market. This would often happen because with interest rates in the 2-4% range, it wasn’t dramatically changing their monthly payments. However, for the first time in a long while, we’ve seen price decreases on active listings!
Here’s the thing: 5% interest rates are still historically very low!!
For sellers - Values are still very high (thanks to the last 2 years of the market) and for Buyers, there is now less competition with still historically low rates! I remain hopeful that this just means we are getting into more of a “balanced” market, which would be wonderful for everyone!! There is still low inventory, rates are still low and the competition isn’t as crazy as it was!!