The market has started to slow down at a faster pace than last year. The interesting tidbit is that the lower inventory has matched the lower demand and has kept pricing pretty much in check.
Buyers waiting for massive price drops just aren't seeing them.
As long as the lower demand matches our lower inventories, pricing should remain stable.
We are still seeing bidding wars in certain situations.
It appears that the recent rate increases are helping to tame inflation finally. If the increases ease up or stop altogether, that should offer some relief to mortgage rates and incentivize buyers and sellers who have been waiting on the sidelines.
The recent Fed rate increases are the fastest that we have ever seen. I don't think people would be so concerned with mortgage rates if it happened more gradually.
Kevin G. Dowd
Broker of Record
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