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Here’s what’s happening in our changing local real estate market.
Just a few short months ago, houses were selling within hours. People would practically fist-fight over who got a home. That has started to subside, so why is this shift happening?
One of the biggest factors is that buyers aren’t qualifying for loans. Interest rates have almost doubled since last year to around 5.5%. That’s still a phenomenal rate, but it has forced some buyers to leave the market.
"It’s a great time to be in the market, whether you’re buying or selling."
It is still a strong seller’s market, but there are some things you should know. Currently, the average days on market is 27 in the metro area. If we look at Cass County, that drops down to 17 days. This means your home will still sell relatively fast. However, we won’t see as many multiple offers, and you won’t receive as many offers over the asking price.
It’s a different market than it was a few months ago, but we can still sell your house. The good news is that, as a buyer, it will be much easier to schedule showings. It’s a great time to be in the market, whether you’re buying or selling.
If you have any questions, call or email us. We’d love to hear from you.
