Posted by Shanna Garrett on 06/06/2022
What Does A Market “Shift” Mean For Young Professionals In Edmond?
We are starting to hear the word “Shift” in our market. Interest rates have gone up, causing buyers to reconsider purchasing. Sellers are thinking twice about listing their home as their need to buy would cause them to trade their low-rate mortgage to a higher one. How does this affect Edmond?
If we look at interest rates over the years, we are still seeing historically low rates. As a buyer, it is still a perfect time to buy. For the serious buyer, the fierce competition we have seen in the past couple years will decline; the market will become less competitive and start to stabilize. We have started to see offers become accepted locally with less rigid terms such as the “as-is conditions” or little-to-no appraisal gaps.
As a seller, home equity has grown exponentially. In May of 2022, Edmond homes continued to receive over-list prices at an average of 103.1%. The average for days on the market for the same month was 13 days. Serious buyers will remain so while we will hear the word “shift”, our local market remains strong to sell. If buying or selling is still on your radar**, it’s the perfect time to start the conversation with a lender and your local real estate expert!
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Sold by Shanna Real Estate Team – KW Platinum