Buyers get some much needed breathing room 

After four months of the hottest sellers market I've ever seen in my 12 year career, the local market is finally showings signs of slight normalization. Inventory is at a six month high (still very low) and is now approaching the high for 2021. The hot market continues. However, not all homes are getting multiple offers as soon as they list. I am seeing less FOMO among buyers. You will notice that some homes in your neighborhood will sit on market. 

The headlines these days are all about mortgage rates. 30 year mortgages are now at 5.25% (Freddie Mac). 

Supply is steadily climbing (recently by 10%+ per week). Demand, even with higher cost of funds, remains unchanged at a high level. Transaction volume (measured in sales in the last 30 days) is remaining relatively constant close to as high as I have ever seen it. For absorptions rate, monthly inventory is now about 1 month. I view the SLIGHT normalization of the market as a good thing. It expands the possibilities for a lot of folks. A lot of homes are going to sell over the next few months. We have entered a phase of the market where finesse and skill is required. Successful strategies vary from property to property. Some, not all, homes are gangbusters multiple offer situations.

If you are having thoughts of moving, it might benefit you to have a casual conversation about what is possible in this market. Pro tip, selling and buying at the same time without moving twice IS POSSIBLE in the current market. Schedule a strategy session HERE