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May Phinneywood Housing Market Snapshot

This is a monthly contribution to the Blog by local realtor Doron Weisbarth.

Spring Sale is well on its way. And while sales are still brisk, a good amount of that craziness that we see during the first quarter of the year is gone. Yes, there are still multiple bids for many homes, but not for quite as many homes and not quite as many offers. And since the homes are being listed at prices that are a better reflection of their market value, the price increase above the asking prices is not as dramatic. 

The big question is how the market will react to the higher interest rates. So far, we haven’t seen any changes in buyer’s behavior. With rents rising as fast as home prices, consumers are being squeezed from both directions. Those who can are strongly opting for a purchase. What is true is that the price point that any one individual buyer had been approved for just a few weeks ago is now going to adjust lower. But the only ones who are getting squeezed out of the market are those on the lower end of the market price. 

Overall, it’s still very much a hot sellers’ market that is following the seasonal behavior that we’d been seeing for many years now. Check out the full report here.

Have questions about buying or selling a home? Call Doron for a free, no-obligation consultation at 206-779-9808