Your Local Market Update for October

The market might be crazy right now, but it is still strong.

The market is pretty crazy right now. Buyer demand remains fairly strong in spite of the fact that we see interest rates rise dramatically. Rates are over 7% now, and the cost of money just keeps growing. The upper market might be tightening, but we still see quite a lot of confidence.

With inflation on the rise, we continue to see the cost of building houses go up, but homes are a solid, fixed asset. Even the most notable investors continue to invest in real estate because they believe that the appreciation of housing will outpace inflation.

All of the numbers continue to indicate that the market will be tough for a little while. We aren’t losing money on houses, but we’re not going over the list price either. In the last year at least, you might’ve seen a neighbor’s house sell for $300,000 and then turned around and listed yours for $330,000. Today you might see the same thing and list for $295,000. We’ll still see a net positive on the year, but not the kind of crazy numbers that were possible earlier. 

Remember: If you need a qualified expert to help you navigate this shifting market, please call or email us. We are always willing to help.