Yes, the market has slowed down. The number of days on market are now at an average of 19 and 2 in 5 home sellers have lowered their asking price in the past 30 days, (Bright MLS data). This is the highest number of home prices lowered since Q4 of 2019. The days of 10+ offers on a home have passed. Many home buyers have taken a step back due to the raising interest rates. Buying a home today is 50% more expensive than a year ago. The Fed is on a path to continue raising rates in 2022 and into 2023. Today’s rate of 5.85% is still historically low and it is still a good time to buy. Why wait and pay more to borrow less? And an added plus, is less competition against others offering much more and waiving contingencies. It is always better to buy than rent. Don’t pay your landlords mortgage, so they may build wealth-build your own wealth! If you are thinking of buying, now is a good time. It would be my pleasure to discuss more with you today!
All the best to you, Lisa Joy