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This is officially the week that it got really hot. If you need a good spot to cool off check out the falls at Roswell Mill.
We had a big jump in interest rates yesterday to 6.28%. The Fed is meeting again today and I'll be watching to see what they do. From preliminary reports it looks like another increase.
I alluded last week here to three things I'm starting to notice in the market that may be more of a concern later on. Just a week later it's starting to look more that way. Things are happening fast.
I'm watching to see how interest rates continue to impact the market.
Every time interest rates increase, the same Buyers who could qualify to look at and buy your home now have to shift gears and change course since it affects their affordability and purchasing power.
One sign that I'm seeing is the number of showings decreasing. Luckily, demand is still high although we're starting to see inventory increase.
Because supply and demand is the key factor, for now we're able to absorb some of the changes in the market. Here's what I mean.
This is a snapshot of the showings in May compared to 2021 when the interest rate was 3.05%.
Fortunately for now we're still getting a lot of showings and these are on houses that are Pending Sale and in the Q to close.
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