What home buyers and sellers need to know now to succeed in the market
By now, it’s clear we’re in the middle of a housing market adjustment. Which means that some of the strategies being employed by buyers and sellers as recently as 6 or 8 months ago are now out the window. It’s time to adjust to the “new” normal, which, in reality, is beginning to look a bit more like the “old” normal, prior to the pandemic.
What’s changed? Quite a bit, but for now, let’s focus on some of the highlights:
Mortgage Rates are Up
Mortgage rates are hovering around 7%. Compare that to the beginning of this year when rates were closer to 3.5%. The result is diminished buying power, meaning home buyers will need to come out of pocket with more cash to get the same home, or look at lower priced listings to get something they can afford.