We are now in the middle of the spring market in real estate and there are no signs of things slowing down.
Mortgage rates did rise a bit and are predicted to rise again soon, but the inventory of homes has not increased one bit.
Multiple offers are still occurring in our area due to this high demand of housing!
Obviously, there is no crystal ball to predict when a slowdown will happen.
Typically, a slowdown in a market happens gradually overtime.
The rise in mortgage rates often slow down the appreciation of home values and eventually start a slight decline in the value of a home.
Again, this does not happen overnight!
Before the pandemic it was a sellers’ market, but not to this extreme.
The good news from all this is that people are employed, have the money, are pre-approved for a mortgage and want to move into our area.
If you have any questions regarding your property value, please do not hesitate to call me at 215-630-9363!