So, how’s the market? Interest rates are up, prices are down, STILL.
I’ll keep this super simple. Rising interest rates have led to decreased sale prices.
The median price in June was $625k, it was $530k in October. Based on the average interest rates, the payment is about the same at these prices.
Most buyers are payment shoppers and have a certain amount they can pay each month, the rate determines what they can spend. So if rates keep going up, that same payment buys less house.
Keep an eye on rates to see when values will flatten and go back up.
That is the gist of it. If you want a detailed breakdown with cool charts & graphs and math talk, watch the full video 😎🤣
If you have questions about real estate or the current market, reach out to me on my personal cell at (480) 797-8975.
J.D. Manning, REALTOR
The Arrowhead Agent at eXp Realty