Each time I am with a group of people (they know I am a Realtor)the first question is How is the market? Will home prices decline? Is it a good time to buy? How about forclosures?
I always ask the question are you planning to sell or buy? From this point we can have a conversation. Based on the data and what the economists say the housing market is undegoing a shift. Because of the higher rates the buyers has less buying power so it creates less of demand. Some of my younger clients don't remember when interst rates reached their highest point in modern history in 1981, according to Freddie Mac data the average was 16.63% . 1980 the mortgage rates were 13.74%. mortgage The mortgage rates today went up from 3% to 6%, yes, yes it is crazy but its not how it was in the 1980"s. You still in a good possittion if you are a buyer because you don't have to compete with others and be in a bitting war, paying over asking and in the end to hear " So sorry the sellers accepted another offer". On the sellers side, sellers understand that the long Open House lines are over and if they have a good qualified buyer they should consider it and move on.