I’m happy to report that our market, at least in our area of central Mississippi, has somewhat normalized. The “Bidding wars” for the most part are gone. Inventory is still ow, but slowly rising. Multiple buyers don’t have to compete for the same home. Interest rates have stabilized around 6.5% or therabouts. I was reading an interest rate graph that showed rates from the 1970’s to the present day. There have been only 2 times during that period where the rates were under 6.5%. That was in 2008 and again during the pandemic. So, we’re in good shape now. It was too stressful for many buyers, knowing that they had to make a split second decision to move forward. Gone are prices rising at 24.7% per year. The gurus say that we’ll see a more normal 8% per year. The only people hurt in this are the renters. There rates have increased significantly and the interest rate that they are paying is 100%! Now people can purchase their new home in a more relaxed environment and begin to build their equity.
Posted in Buyer Information