The Federal Reserve has decided that we all need to stop buying things in order for them to control inflation. They have selfishly decided to use the housing market to do it by drastic rate hikes that are unveiling high mortgage rates. In fact, I have received more calls from sellers than buyers this week for the first time in at least 18 months.  Housing prices still remain substantially above what we were seeing a year ago, however, there is now an evident deceleration. As mortgage rates continue to rise, I expect to see more price reductions as we finally work towards a more balanced market.

Consumers should expect more rate increases when the Federal Reserve meets in November and December. Real estate agents, of course, will be impacted as well as 20-25 other industries we affect with every transaction. From inspectors, insurance agents, title companies, mortgage brokers and more, these are increases felt over a plethora of industries.  

Marry the House and not the Mortgage. Happy Fall!

Christy

Christy BerryOctober 13, 2022