So, we are halfway through 2023 and the market is still hard as it was last year. Although the interest rates are creeping up to 7%, housing pricing and demand remains high!
Low inventory and demand are still driving the prices high. While it is hard to be sure as to why there is such a low inventory, if I had to take an educated guess, I would think it is that most people do not want to sell and lose the low interest rate that they have on their current mortgage.
Obviously, this does not apply to someone who has their home paid off and is looking to downsize and pay cash for their next home. I am referring to someone that purchased their home within the last ten years or so and is looking to upgrade and/or downsize.
When you think of it, this makes total sense. In these cases, you are going to sell high but also buy high at a higher interest rate. As time goes on and the market stabilizes, this could potentially increase inventory in our area.
If you have any questions or comments about our current real estate market, please do not hesitate to call me at 215-630-9363. www.josephcairo.com