Historically Low Inventory

Available Homes For Sale in April Year-Over-Year

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What is a sellers market?
Simply put, it's a market where there are more home buyers than sellers. Based on basic laws of supply and demand, this means sellers have the upper hand: They will likely sell their place quickly, perhaps for over asking price, with a minimum of fuss or pushback from buyers.
(Realtor, 2018)

What is the interest rate forecast for May & June 2022?
The Fed is expected to raise interest rates by a half point each month to tackle inflation. (Reuters, 4/11/22)

What impact do interest rates have on home purchases?
Higher rates aren’t likely to cause home buyers to fully pump the brakes on their plans to purchase property, economists suggested. But it will have an impact at the margins for buyers who may struggle to afford the double whammy of higher interest rates and rising home prices.
(Market Watch, 1/13/22)

What does this mean to buyers?
Those higher rates could indeed make homebuying more expensive for many as their monthly mortgage payments get bigger. But in this paradigm-breaking market, higher rates could also prove to be a boon for buyers in some markets by keeping prices in check and lessening competition. That could make homebuying less expensive if buyers aren’t spending as much on their homes and engaging in crazy bidding wars—possibly a welcome lifeline for many first-time buyers who’ve been barred from homeownership by record-high prices.
(Realtor, 11/3/21)

What does this mean for sellers?
At the current time, what we know is that inventory is historically low so we are in a sellers market. We also know that interest rates have risen once. What we do not know is where interest rates will finish off this year. Higher interests rates limit the pool of buyers able to purchase or purchase at specific price points. With the pool of buyers being limited by what they can afford per month may mean that the prices will level off as there could be less bidding wars. If you are looking to capitalize on the low low inventory and the high asking prices in today's market-- now is the time to list. Do not wait to see where the market or interest rates will go.