Here is what we notice about the market right now:

• Listings are receiving fewer offers compared to 60 days ago – instead of 10 offers, a listing might have 2.
• There are now several instances of a listing only having one offer.
• Sellers who were overly-aggressive with their list price have to quickly reduce in order to generate activity.
• Inventory is up and in some areas significantly, giving buyers more options and flexibility.
• Home buyers who are under contract with a new home waiting for that new home to be built have been negatively impacted by rising rates.
• More buyers are considering 7 and 10-year mortgage products in order to have a lower interest rate.
• The pendulum is swinging away from the drastic seller’s market we have seen for the last 18 months.

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