What a difference a week makes.
I track a certain market and a week ago my pricing came in at $775K, today it is $756K. The difference is always in closed sales. Each week more properties close, and about a month ago we had some pretty high closing prices due to multiple offers. That was a short lived period of time because interest rates began creeping up, they are holding steady at about 3.75%. When you combine that with large down payments, with high credit scores some buyers dropped out of the process, and pricing is reflecting that.
OK a week was an exaggeration, but if you take the market place since December there has been a lot of fluctuation due to multiple offers. It gave us a spike in pricing that appraisers can use to make the loan process that much easier. We should see some solid sales prices with an uptick in inventory. Sales have been keeping pace with new inventory, but that should even out with slower sales volume.
Don’t give up hope if you are shopping, there should be more to choose from very soon.
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