Home Buyer Demand, While Possibly Reduced Due To Higher Interest Rates, Seems To Still Exceed Supply


Home Buyer Demand, While Possibly Reduced Due To Higher Interest Rates, Seems To Still Exceed Supply
By Scott Rogers • May 3, 2022
This is totally anecdotal at this time, so I'll see what the data seems to indicate when I compile my market later this month, but thus far.. Home Buyer Demand, While Reduced Due To Higher Interest Rates, Seems To Still Exceed Supply That is to that I suspect... [1] Buyer demand is decreasing, somewhat, due to higher mortgage interest rates. [2] The amount of buyer demand in the market is still greater than the amount of seller supply. Case in point - the anecdote - would be two very (!!) similar properties that came on the market over the past few months... The first property came on the market when the average 30-year fixed mortgage interest rate was around 4.3%. There were six offers within 72 hours. The second property came on the market when the average 30-year fixed mortgage interest rate was around 5.1%. There were three offers within 72 hours. So... yes, I think higher rates will reduce buyer demand, but that reduced demand might very well continue to exceed available supply for some time to come! Receive Updates by Email Recent Articles: Is There A Price You WOULD Pay For This House? There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 23, 2024 (unless otherwise noted).
Comments (0) or Subscribe