Market Updates with Will - Week of September 28

Rates jumped. Headlines got loud. But the market barely changed. Let's break it down in this week's Weekly Market Update with Will!

As we take a look at numbers recently, rates jumped to 7.58%, which means they continue to rise every single week. Now for pendings, or number of homes under contract but not yet closed, only dropped by 12. And what we saw with the current market's inventory, or absorption rates, is that across the board, the four main categories we track stayed relatively flat this week.

What we're seeing is that homes are actually taking a little bit longer to move. That's where opportunity starts. This means that agents, with your sellers, patience might be the answer. Days on market are ticking up a little bit, so we have to make that adjustment to where we don't have to take price reductions so quick. We need to allow time to pass before making those decisions because the market is adjusting, it's telling us it may take a little bit longer for the buyer that you need to enter the market.

Agents, with your buyers, while rates and headlines might be keeping them on the sideline, this might be the opportunity for them to negotiate and find the right property. Earlier this year, they had no options. Now, they have too many options. However, they have the headlines telling them this might not be the best time to buy. The reality is this is your time to negotiate, whether it's lower prices, better terms, concessions, or even a rate buy down to create a lower payment. The key thing we need to work through with these buyers is that if rates come back down, competition is going to enter the market, and that generally means higher prices.

Sometimes the opportunity isn't waiting for a better market, it's knowing how to negotiate the one that you're in. See you next time! To view this blog in our video format, check it out on our Instagram and Facebook pages. Until next time!