Inventory of homes is continuing the rapid climb which is giving buyers far more options than a few months ago and increase competition for home sellers. This is a direct result of the rapid rise in Interest rates. Rates hit about 6.4% before dropping down to about 5.9%.
Rates are very likely to rise again in July when the Fed meets again. Weekend buying activity really picked up as serious buyers are scrambling to buy before rates go up again. A lot of buyers are beginning to wait things out and see what happens.
Frankly, no one knows how much of a price correction there will end up being. It could be minor if rates stabilize. If rates continue to climb to match inflation, which is logical, then the price correction could be much larger.
Curtis Chism, Realtor
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mailto:info@sandiegohomes.io
Chism Team | DRE #02105113
brokered by eXp Realty | DRE #01878277
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