Since last week, New Listings, Under Contract and Pending were flat while Sold had a noticeable increase. However, the Sold houses this week are still less than last week’s drop, so it’s near flat for two weeks.
Meanwhile, interest rates have increased to 3.05% from 2.77% on Aug. 5. It still hasn’t hit the 3.18% peak from April 1, which followed the record low of 2.65% back in January.
Talk with your specific lenders, but in ballpark numbers, each 1% mortgage rate increase equals about 9% to 10% less buying power. A buyer with great credit can get a $400K house at 3% or about a $364K at 4%.
The lease market had only a few more enter the market than leave. The eviction moratorium bump appears to be waning. Expect shortages and price increases to continue for the foreseeable future. Also expect irrational offers over asking to become normal in the lease market as they have in the preowned market.
Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com
#DFWmark #REALTOR #MarketWatch #InventoryGone #Lease #SellersMarket #SellNow #StrongDemand #BuyNow #LowMortgageRates
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