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- The FED pushed rates to their highest levels in 3 years.
- Keep in mind that the low rates we’ve seen over the last 2 years were not normal and were the result of the FED getting involved to help the economy through Covid.
- Rates below 5% is historically good and we are likely in the area where the market will stabilize.
- Cromford is reporting that the average price per square foot for all properties increased 4.5% from mid-February to mid-March. Double what was expected.
- The distressed market is smallest it has been since Cromford was tracking. Looking to pick up a foreclosure cheap is just not in the cards.
- Demand has slowed down very slightly as we are heading into the summer months, but the market is still hot historically.
- Rental supply and prices have been growing as well and are usually an indication of where resale prices can go. Once the rental market evens out, that may indicate resale markets may follow.
- Millennials make up 43% of buyers and Baby Boomers make up 42% of sellers according to the National Association of Realtors generation trend report.