Rising interest rates are leading to a housing market shift not a housing market crash!
Here are a few ways the shift can affect buyers and sellers:
*Fewer Buyers: The reality of these rate hikes is that buyers can’t afford what they could a year ago. Some buyers are even holding off on their search which means less demand and competition.
*Slightly More Inventory: Buyers now have more to choose from.
*Decrease in Bidding Wars: Because of the decrease in demand and competition, bidding wars have decreased.
*Slower Price Appreciation: Less demand and more supply of homes can slow down price appreciation.
*More Time on the Market: Instead of a few days on the market, it may take a few months to find the right buyer.
*Increase in repair and credit requests: Since buyers have less competition they now have the power to request the seller make repairs or issue a credit if issues arise during inspections. It is never guaranteed that they are awarded but you have a much higher shot now than in the previous market
If you are interested in buying or selling but this market has you nervous, let’s talk about your options and see what’s best for you!
