What’s happening in our local market?

Hi everyone. I want to give you a market update!

We are seeing a lack of inventory. We are seeing buyers making decisions much faster because of multiple offer situations. We are also seeing appraisal issues; buyers are willing to pay more and the banks are capping it. So, on the selling side you need to worry about any appraisal contingency. If the buyer is doing FHA financing, that appraisal typically lasts 120 days.

What else is going on in the market? Interest rates are increasing. Because the bond market is ticking up, they increase interest rates. I have spoken with a couple lenders and both believe that rates will not drop back down. So if you are looking to buy, now is the time. For every one percent interest rates increase, you pay 10% more for a home.

If you have any questions please call me at 410.638.9555!