Colder winter temperatures are here ...is the real estate marketing feeling the chill as well?
Recent mortgage rate increases cast a chill on the housing market. Many buyers paused their search; some can no longer afford home prices they were considering a year ago. Sellers are also wary of listing their homes because of the high mortgage rates that would loom over their next purchase.
"People are stuck," says Lawrence Yun, chief economist with the National Association of Realtors.
Across the U.S. home sales have declined for 10 months in a row, according to NAR.
The good news is the shift thus far hasn't had as much impact on prices. Values have remained higher despite the slump in sales activity because inventory is relatively low.
Every home will sell; it's just taking a little longer. Or a lot longer. Be patient. Have faith. The three main factors that cause a home to seel are Condition, Exposure and Price. Every home sells at the right...Price!