You may be concerned, with interest rates rising are there still options for buyers who want to buy a home? You may be thinking, how are rising 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 understand why you have these questions, let me reassure you, yes I can still help you navigate the buying process successfully.
Hi I’m Sherri Echols, Broker Associate with RE/MAX Bryan – College Station. We are seeing changes in the market lately. Let’s break down 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. 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 offered that are over the asking price. In June 61% of offers were over asking price, and in July that number dropping to 55%.
To top it off, sales are slowing which is causing inventory to rise, which is a good thing for a buyer.
We are still in a sellers market, and the market still has not returned to the numbers we saw before 2020, but it is still a shift in the right direction for buyers that are looking a for home.
If you are interested in learning what the market looks like for you and what option you have when it comes to buying, please reach out to me, I can help you.
I’m your Community market Leader Sherri Echols, a helping hand for a happy home.
