Rising Interest Rates and Inventory
Both interest rates and inventory are on the rise. Interest rates are now in the low 4% range which historically is still incredibly low but much higher than it was 3 months ago when it was in the low 3% range. So far this has had very little impact on demand as we continue to see showings per listing increasing. In fact, showings per listing are up 23% year over year.
If you’re a buyer out there you are starting to see more inventory come to the market. This doesn’t mean it is staying on the market, as homes are going under contract fast, but there are more and more homes to look at every day. Buyers will want to have all their ducks in a row for when the right property comes along including being mentally prepared for a multiple offer situation where you have to put your best foot forward to get the home.