During the last couple of years, we have experienced an unprecedented jump in property appreciation due to historically low interest rates and huge shortage of inventory resulting in multiple offers and price escalations. With the Feds announcing rapid hikes in interest rates to fight a 40-year record high inflation, we started feeling a slowdown in the market. What this means for buyers, their budget price will be reduced to match the monthly payment they qualify for. On the bright side, more homes are expected to come on the market bringing back a normal or balanced market. What it means for sellers, as demand still outweighs supply, properties that are priced right and show well are the ones that are getting buyers’ attention. Sellers need to adjust their expectations as Buyer’ behavior and sense of urgency has changed but it is still a good time to sell.
