What's Changing the Momentum of Our Market?

Is anything happening right now that has affected the momentum of the market?

There has been a lot of excitement about how the market has turned around nationally and locally. We’ve had inventory issues, a surge of buyers, etc.

I think sellers are starting to feel a lot more robust about things and maybe a little bit over confident. Interest rates are starting to rear their ugly head.

As agents, we have to be concerned with buyers and their pre-approval letters. If they have a pre-approval from three months ago, but interest rates have increased by a point, that changes the game. If you are looking at a home for $360,000, your payment has gone up by $300 a month. This is a huge impact on the amount of money a bank is comfortable with lending as well as a huge impact on what a buyer can financially do.

So, sellers need to recognize now is the time to put their home on the market before interest rates increase more.

Give me a call at 814.880.23208 so we can get started on your next real estate move!