The local real estate market is nothing short of remarkable as of this moment. Sales at record highs, inventory levels at record lows, frustrated buyers on every corner, investors snapping up homes by the dozen with prices rising dramatically in some areas. Interest rates have risen over the past 4 weeks by about 22% and the effect of those increases is yet to be determined but with prices rising and buyers qualifying for smaller mortgages there may be some fallout.
New home communities locally have no inventory and few available lots on which buyers can even buy homes. I disagree with Ron as with firms like Blackstone and Colony Capital buying homes by the tens of thousands throughout the country the real estate market unfortunately is looking more like the stock market every passing day.
Shades of 2002 through 2004 and more than a bit scary.....
Always at Your Service,
Tom Priester e-PRO
"Results Driven Real Estate"
Keller Williams Realty