So, as anyone who has been following real estate for the last couple of years knows, it's been an insanely hot sellers market. Insanely, burn your butt, sellers market!
Properties have been getting a half dozen offers, or more. And, properties have been selling for thousands over list price, lots of thousands over list price!
And, now, interest rates are going up. They have gone up 1.5% in just a few weeks. That can amount to hundreds of dollars on a mortgage payment.
So, needless to say, we are seeing a shift in the real estate market.
My business partner, Leslie, & I have been talking about it for a couple of weeks. I've talked with other active agents about it. Mentioned it a my office meeting. Talked with my title and escrow officers. Computerized showing programs are virtually empty of showing request appointments! We are all seeing it. The showings, on many properties, just went from 30 to 3. The number of offers went from a 1/2 dozen to one.
I can't help the market, I can only prepare my clients for it as it happens. An active agent is one of the first ones to notice it. Well before you start reading about it in the news. And, of course, depending on which news site you are getting your info from......well, that's the take on the market you're hearing.
I'm an honest to a fault Realtor. I'm going to tell you the truth. And, yes, sometimes the truth hurts.
I had a conversation with one of my sellers last night. It is what it is. Not happy about it, but I needed to have a face-to-face with them so they truly knew what is happening. So, we set a new game plan in action, we had to.
Interest rates are expected to go up another 6 times this year. Inventory will creep up as well. And, while it's a huge ouch for buyers and sellers alike, looks like we are definitely working towards a more balanced playing field. Won't be overnight, but it's about time.
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