Mortgage rates surged as the 30-year fixed-rate mortgage moved up more than half a percentage point, marking the largest one-week increase in our survey since 1987. These higher rates are the result of a shift in expectations about inflation and the course of monetary policy. Higher mortgage rates will lead to moderation from the blistering pace of housing activity that we have experienced coming out of the pandemic, ultimately resulting in a more balanced housing market.”
Homes are still selling in greater Cincinnati. And in some hot neighborhoods, some properties are getting multiple offers. But unlike a few months ago – it may be 2 or 3 offers not 60 offers. Properties just hitting the market are experiencing fewer showings. Summer vacations? Interest rates? Tired buyers? Or a combination of everything- hard to tell.
It’s important that sellers look at realistic numbers with their agent. Otherwise overpriced properties are going to be sitting on the market for a while.