The Big Change in the Real Estate Market of 2023
Hypermarket: Less than one month of inventory; little to no competition. Listings tend to sell above asking price after receiving multiple offers. Seller’s Market: Less than four months of inventory; low competition. You will likely sell for a good price. The electronic version of this book is automatically updated every time you click on my link.
As of this writing, The 2023 market is a HYPER SELLERS MARKE ELLERS MARKET!
There is a huge demand and a very limited supply. The perfect time to be a seller!
What could change that? Higher interest rates!
Interest rates have jumped again this month, as of April 7th, 2023 rates for a 30 year fixed are over 7% up from a low of 3.0% just last year. Federal Reserve Chairman Jerome Powell last week stated that to slow down inflation we may see as many as 6 more increases this year. The Fed has begun it's policy pivot. The inflation rate hit a record high of 14.6% in March and April of 1980. Mortgage interest rates reached their highest point in modern history in 1981 when the annual average was 16.63%, according to the Freddie Mac data. Mortgage rates are going up - Bank America says property prices will still go up but may slow down a little.
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