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‘The pandemic boom in home sales is over’: Mortgage rates soar to highest level since 2009


hegemony
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This only makes sense ... still:

 

A home near us sold Monday last week for 10% above a reasonably aggressive ask. 

 

We have a lot of challenges on our plate still, but I'm about to light a fire to accelerate our path to getting on the market.  If we can sell at 10% less than the price target suggested by our realtor May 1, reflecting the pricing of new listings coming on market along with recent sales, we'll be selling at 35% more than targeted at the time we purchased our new MA home Dec 2019.

 

Nonetheless, anyone who started out shopping with a 3% rate in mind and now is looking at something close to 5% is likely forced to cut back their shopping budget.

 

 

 

 

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A took a buyer out last night to look at a couple of houses that "survived the weekend". It's been quite awhile since we've seen houses not getting an offer over a weekend.

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  • 2 weeks later...

The residential home market in GA continues to run as hot as its proverbial asphalt ...

 

Yet another sale on the street.  First listed 2 weeks ago at a price that, in itself, would be a record price.  Actually went for just over a 5% premium above that.

 

Guess there are a lot of buyers who are coming off of peak sale prices of their own, with hefty down payments so mortgage pricing is a lesser concern.  When those buyers have settled out, hang on to your hats.

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Posted (edited)

The market here is still hot, and I don't expect that to subside all that much, given the rapid growth and many tech businesses relocating or setting up satellites here.  I don't think the price appreciation will continue at the pace it has over the last 5 years, but a pullback would be surprising.

Edited by CTSoxFan
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we've bought three houses since 2020 in three very different settings (different states). For two of them our offer was supposedly not the highest but we only had inspection contingencies so the sellers accepted ours.

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