Market Recap July 2023

24 Jul Market Recap July 2023

With higher interest rates settling in, I was curious what the spring market would bring. We saw a few factors align which provided a general balanced market for both buyers and sellers. 

Buyers who were comfortable with higher interest rates and mortgage payment based upon the loan amount seemingly took advantage of the market with lower home prices in many market areas. Part of the willingness to purchase is speculation that the worst is over or close to with mortgage interest rates. Buyers may also believe that they may have ability to refinance into a lower rate in years to come. Whether that is true or not is left to be seen but having a plan and strategy helps as higher mortgage rates continue to become a reality. 

What has also balanced this market is less inventory available. Lets face it, if an owner has a mortgage rate/payment locked in at historic low levels, a percentage of potential sellers do not want to lose that and would rather not sell. Who can blame them. On the other hand, some owners need to sell for a myriad of reasons. Either way, there is less inventory which creates a balance of supply and demand. With general price declines since 2022, some areas look stable at this time. 

As we look ahead, I’ll be curious to see how summer data shakes out the next few months. Will the above factors continue or not? Only time will tell. 

Any questions or thoughts on the market, I’d like to hear from you!

Bryan Lynch