The 🔥 market continues. We are 2 months+ into the current hot hot market similar to Spring 2021

We are now more than two months into the current white hot sellers market defined by record low inventory, sky high demand, and aggressive multiple offer situations. Last year, the exuberant market lasted roughly five months. Homes are selling at premium prices. Most sellers are dragging out offer response timeframes through opening weekend which is keeping average days on market, under the 90th percentile for listings, artificially high around 5 days. Buyers habitually paying above appraised value is causing prices to rise on a rapid compounding basis. This is not a supply pinch - This is demand based - Homes are listing and they are selling.

Available inventory is slowly creeping upward and so is volume. On an intra-week basis, the high and low watermarks for inventory vary by more than 25%. My takeaway from this is that pretty much everything that lists, sells. The limited number of expired listings (homes that list and do not sell) supports that. 

30 year mortgage rates are now above 4%. As a general rule, when mortgage rates increase that decreases affordability which deceases demand. However, I do not expect that the market will slow in the short term. The current exuberant market began two months ago when rates jumped over half a point. Basically, people with goals of moving in the semi-near future pummeled into the market so they could make a move before it becomes more expensive to move. I expect that recent rate increases will accelerate this trend.

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