Why Are We Seeing a Lull in Our Market?

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It's August, it's hot, and many people in the area are on vacation. We are in the midst of the summer doldrums; every single August since I can remember we see a slowdown in activity.

Come Labor Day, however, we are going to see a dramatic uptick in activity as we usually do. Keep in mind too that mortgage rate increases may be coming. Hopefully, buyers realize the risk of rates increasing and take action now rather than later.

A 1% increase in interest rates, which could happen in the next year, will impact buyer's purchasing power by 10%. It puts downward pressure on values, and affects the amount of home you can afford.

If you're a buyer, you definitely want to get moving before rates do. As for sellers, get your home on the market now before rates have the time to go up. If you have any questions for us, we would love to hear from you. Just give us a call or send us an email.