Is the Market Catching a Breath?
The market seems to have slowed. It’s odd… there is still a pent-up demand for homes. And yet, we are seeing good properties sit longer on the market, and we are seeing price reductions like we haven’t seen in years. True, some listings have come on market priced too high and the market is rejecting those. My thinking is that buyers may be starting to really suffer from months of inflation and a higher cost of living. Savings are dwindling. I understand the credit card industry is seeing a higher rate of default. This is a noteworthy indicator.
The good news is that we have finally seen interest rates start to come down this fall. Big picture — a breather slow down is a good thing for overall affordability.