Waking from hibernation

Bears aren't the only ones waking up from their winter hibernation. So is our market. We're seeing new listings coming up for sale and buyers scheduling showings and writing offers.

What I’m seeing:

The market has not been acting like it has in the past when rates have gone up. Usually, as rates increase, inventory increases, but that’s not happening right now. We do have rising inventory levels, but we're at historical lows.

Most sellers are negotiating price and terms with buyers. However, I was involved in two separate multiple-offer scenarios recently—one representing a buyer and the other a seller. My buyer was one of eight offers on the table and won. My seller had a 12% chance of selling within the first thirty days and received three offers at full price. Keep in mind most homes are not receiving multiple offers, but bidding wars are still happening.

Here's what this means: Our market has cooled since interest rates began rising, but we still have demand and low inventory. That combo is keeping pressure on prices. We have strong fundamentals for now. I'll be keeping an eye on the Fed's moves and the macro-economic environment. It's important buyers know when to move fast so they don't miss out on an opportunity and sellers know how to price so they don't leave money on the table.