The market continues to evolve. With interest rates soaring since rates below 3% in 2020-2021 we are now seeing 7% rates to purchase a home. There are some loans with sub 7% rates but the majority are being priced between 6.5% and 7.25%. This does impact the home affordability for buyers in today’s market.
The inventory of homes continues to be scarce creating high demand and multiple offers when the homes are in good condition and priced within reason.
Listen to Nicole Nellis Cockrell and James Nellis share about the current trends and real estate market trajectory: