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Real estate market showing signs of ‘slowing down’

submitted by Joe Cairo, Re/Max Centre Realty

I really hesitate to say that the market is slowing down. Although interest rates have increased, by most metrics it is still a good market overall.

People tend to assume when they hear that me say that the market is slowing down that everything is on a downward spiral. This is not the case! What I mean by “slowing down” is that we are starting to see fewer multiple offers and waiving of inspections.

Is it still happening in the market? Sure it is, but not to the extreme of what we had been seeing of late when mortgage rates were around 3%.

Also, we are still seeing multiple offers received on listings, but instead of ten offers, we are seeing 2-3 offers. Nonetheless, it is still a “seller’s market!”

Offers above asking prices are still happening, but again, not to the extremes that they were before. We are seeing $10-30k above the asking price rather than $40-60k above.

Everything noted in this article stems from the quick climb in interest rates to 6.5% over the past 7 months. At the end of the day, it is still a great time to sell and buy a home! Sellers will get top dollar and buyers will be “competing” with fewer offers on a home.

If you have any other questions on the real estate market in our area, please do not hesitate to call me at 215-630-9363! www.josephcairo.com.

PHOTO CAP: Joe Cairo of Re/Max Centre Realty with his 2021 Re/Max Platinum Award.

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