Over the next 8 weeks we will typically see the largest increase in inventory on a per week basis that we see all year. When we look at the unhealthy appreciation that has been happening all year(almost 1% per month at this point) as well as the steady increase of interest rates(from 2.65% on Jan 1st to 3.17% today), homes are now becoming more unaffordable, which leads to demand dropping slightly. Future demand, although still very strong, has started to decrease slightly for the last three weeks as reflected by the dip in mortgages applications over that same time period. As some buyers pull themselves out of the market, and more homeowners start placing their homes on the market, the housing will start to trend in a more healthy direction. Although the current market, which is the hottest seller’s market we have been in since at least the 80’s, is great for sellers, it’s unhealthy and unsustainable for much longer. The slight slow down is something I as a real estate agent am rooting for to help get us back to a healthy seller’s market instead of an overheated seller’s market. Yes, you read that right, we will still be in a seller’s market as we enter the Summer months as the supply and demand curves just have too much ground to make up to really get anywhere close to transitioning us to a balanced market anytime soon. Click "Learn More" to watch the quick 10 minute recap of the current market now.
