So some interesting things have gone on in the market. Let me see if I can explain what’s happening to you.
The most interesting thing that has happened is that interest rates seem to have affected sellers instead of buyers. Allow me to explain. My typical business is around 75% listings and 25% buyers. That has actually just about flipped in 2023.
Right now I have a huge list of buyers looking for a property to purchase. What I don’t have is listings. I believe the reason for this is interest rates. If you owned a home in the last five years, whether you just bought or you have owned for a while and refinanced, you have a ridiculously low interest rate. Now when you look out at the market, you see completely normal interest rates like 6-7% that are twice as high as the rate you have on your mortgage right now.
So, people aren’t selling.
What this means is that even though interest rates are back to normal, that is all they are: normal. There are still a ton of buyers out there wanting to buy with normal interest rates. However, all the people who could sell are sitting on their mortgages remembering how they got so lucky to have such an incredible interest rate.
So, it is still a seller’s market. There are still a ton of buyers, and not that many sellers. If you are looking to sell, use a realtor and get that money. If you are looking to buy, get that realtor or good luck.
As always, I love doing what I do. I love looking at the market, and I love building relationships with the people I get to help. Let me know how I can help you. Call me today. You can reach me at 515.639.0047 or RyanLynch@KW.com. I am good at what I do, and I want to help you.
~Ryan Lynch
