It seems like everyone these days is talking about the ‘shifting’ market. And while it’s true that interest rates have risen, take a look at the rest of these stats!
24% increase in home value (!!), and less than 3 months of inventory for sale with fewer new listings keeping demand high. It’s still a Seller’s Market (6-7 months is considered balanced, 7+ a Buyer’s market), though Buyers have taken a step back and the feeding frenzy has cooled a bit.
Thinking about buying? Do the math – just a 10 or 15% increase in value year over year on a $500K home equals $$$ in equity ($50K or $75K respectively), and Buyers over this last year averaged 24%!?! Even subtracting the interest you’d pay on a 5.5% loan, you’ve still got an appreciating asset on your hands! Want to know more? Get in touch!