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Our Thoughts on the Current Market
We were really hoping that interest rates would remain steady for a few more weeks. We were not expecting a half percent hike within a week. We are still optimistic as long as rates hold under 6% but if they go over we fear far too many buyers will be priced out in one of the strongest quarters of the year.
Sellers:
There is a lot more competition for sellers. Hundreds of listings are being released every week so make sure your place is in tip top shape and appropriately priced prior to placing the property on market. Don't hold out hope for over asking and all contingencies waved offers if you have been on the market for more than 14 days. If you do reach the 14 day mark, consider a slight price adjustment.
Buyers:
The ball is in your court, finally! There are hundreds of options for you to choose from and the majority of them have been sitting on market for over a month now. Negotiations should be easier with these listings. Make sure to keep an eye out for any back on market listings as more and more will be released.
It is more important than ever to ensure the home you are buying can pay for itself in the event of a move. We are seeing thousands of listings with mortgages that wouldn't be covered by local rents. Make sure you do not end up buying one of these listings!
Homeowners:
The summer is in full swing and it is still a fantastic time to sell! Buyers are on the hunt for a good home so as long as your home is properly priced you should not worry about the dips in pending sales. We expect the following 6 weeks to be the busiest of the year so if you are looking to sell any time soon you should contact your agent right away!
As always, we are here if you have any questions!
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