Market Will Heat Up As Mortgage Rate Shock Dwindles

The average 30-year mortgage rate has been above 6% since September 2022, and since then, the housing market has been slower, especially on the selling side, which of course feeds into the buying side, since buyers can’t purchase what’s not for sale. But now that we are about 18 months in, the rate-induced market slowdown has given potential buyers more time for a down payment.

Many buyers were priced out of the market in the second half of 2022 but have now had over a year to save more money for a down payment. Buyers and sellers are also a little more accustomed to higher rates so they aren’t as emotionally tied to the sub-3% mortgage rates seen in 2020 and 2021.

We expect the market to heat up more than it did last year because of these factors and buyer demand is less of a concern as it’s high, relative to supply. This spring we are seeing many homes receiving multiple offers and once again, selling for well over asking.

Spring has sprung and it may be the right time for your next move! Contact us today to see what’s blooming 🌸

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