Hmmmm……everyone is asking if the market is slowing down. It’s a good question and a reasonable one in light of the rise in interest rates.
Inventory Still Low as Interest Rates Rise
If you are wondering about the impact of increased interest rates on the market you aren’t alone. Only time will tell, but right now, we are still experiencing a robust market, at least in my neck of the woods. On the island of Oahu, our inventory is in short supply. Buyers are still clamoring for property.
Case in point, I had an open house today at 633 Inuwai Place ((MLS# 202205777). It’s a sweet four bedroom, two bath home listed at $1,285,000 (fs). Suffice it to say that we did not sit down. Potential Buyers were in full force. What’s more, they were asking the right questions. For example:
- When are offers being presented?
- What does the Seller want to see in the offer?
- When will the Seller respond to any offers presented?
- Do you have any offers in hand? Forthcoming?
Plenty of Prepared Buyers
Realtors and their Buyer clients who understand today’s market, know what to ask and how to prepare. They understand that in today’s hot market (rising interest rates aside), it’s important to present a clean and favorable offer to the Seller.
We don’t know what the market will bear, but we are listening to the market and what we are hearing is this: There are still plenty of Buyers vying for real estate.
One Sunday open house is not necessarily indicative of market conditions overall. But, perhaps it does serve as a sort of microcosm for the market at large. Again, only time will tell where this market is heading, but in the meantime, suffice it to say that today, there was no small shortage of Buyers looking — looking and strategizing, and perhaps dreaming, that they might finally get a shot at homeownership.