That Was The Week That Was

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Once Upon TV..

Do you remember the show, That Was the Week That Was? I guess I am showing my age. It was hosted by David Frost and it was a satirical look at the week in politics. Well, I feel like this past week in my real estate business was like that. It was a very different week than anything I have experienced in over two years.  I  received multiple offers on two of my listings. One listing went under agreement in two days and I sold two of my own listings. In all, five properties went under agreement and now I am concerned that my listing inventory has dwindled. I am hoping that it is not a satirical look at the way real estate has been, but instead a change that will stick.

So what happened?

Well here is my vision. Interest rates went up. That seems like a bad thing, but buyers that have been sitting on the fence, waiting for the best rate or the bottom of the market, got scared when the interest rates climbed to the highest they had been in 7 months. So they jumped of the fence. In addition, sellers have become more realistic and are finally pricing their houses at the current market price, not the market of three years ago. Put them both together and you have a great situation for everyone, including the real estate agent.

So the question is…

Is this the week that was, or is it the weeks that will be? Although increased, mortgage interest rates are still low. There is $8,000 available to the first time home buyer ,but the clock is ticking on that. And the inventory is starting to shrink while prices have dropped. I think we have hit bottom guys, so wait no more! Take in from the real estate maven, get out and buy now!