What does shift in market mean for buyers, sellers? | Business
For anyone trying to buy or sell a house in this past year and most of last year, your experiences were like none we’ve ever seen. In virtually every city in America, buyers competed with multiple offers for the house they wanted and sellers saw strong demand coupled with increased selling prices.
It wasn’t all that uncommon to see “better than full price” offers submitted by buyers. While those days may return, for right now we have settled down a bit.
This phenomenon was driven by the lowest mortgage interest rates in a generation, a historic shortage of housing inventory, tons of economic stimulus in the market and the natural desire to get a new house under favorable conditions. Toss in a couple of additional mysterious economic factors and the…