For most, when they hear talk of recession or a shift in the real estate market, they are reminded of the Great Recession- the years surrounding the real estate mortgage and market crisis. Many buyers are “holding out” for a similar buying opportunity.

Unfortunately, they will likely be waiting a very, very long time.  The good news is that when buyers take a seat on the sidelines, it makes opportunity for those long-time shoppers to finally secure a property before interest rates rise further. 

Sellers are noticing that not every house is getting scooped up right away, or that buyers are now electing inspections and asking for seller assists. It’s still a very favorable seller’s market, however the frenzy has calmed just a tad.

The increase in interest rates was the biggest factor in this change.  Take a look at the chart above, showing the change in rates just this year. 

Remember, understanding the broader market helps ups to provide customized, laser-focused advice and planning to our clients. Who do you know who is looking to move? We would greatly appreciate an introduction to them!

-Mariel, Matt, Kelly, Kayla & Samantha