The housing market is beginning to soften, but this isn't necessarily a bad thing. With context, it's actually a good thing that our market is softening. Throughout the past year, home prices have skyrocketed and reached all-time highs.
This market was not sustainable, and now it's beginning to head towards pre-pandemic, stable levels. Home showings are also trending down, but they are still higher than they were before the pandemic.
Low inventory has also impacted our markets. Mortgage rates are at historic lows which have allowed for home appreciation to soar. This has led to homes being less and less affordable.
Overall, the market is slowly stabilizing and heading back to its pre-pandemic levels.
If you would like to hop on a Zoom call to discuss any real estate question, an update on your home's value or to dive deep into the local market you are interested in, please feel free to reach out.