Shock! That is how I would describe the market we have seen since March of 2020. We were shocked by COVID, shocked by distribution disruptions, shocked by war in Ukraine, shocked by the rate of home appreciation, and now shocked by the rapid rise in interest rates in order to combat inflation.
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Will the shock come to an end?
Yes! I am already seeing more activity among buyers the last couple weeks as the market begins to settle. The market is starting to recognize, maybe even accept, that we may not see mortgage rates in the high 2% – 3% range again.
It takes time for buyer’s and seller’s to reevaluate, consider affordability, and for the market to come down from a roaring appreciation rate. Do we dare call this a normal market where buyer’s and seller’s need to come to the table to negotiate a fair deal, after all what is normal these days?
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