We saw a historic numbers of home refinanced last year. Now that rates have risen significantly many homeowners have rates locked in 1.5% below current rates. Combine that with the double digit value increases and you have a 50% increase in the cost of financing a new purchase which will keep many move up buyers in their current homes for some time. The challenge is move up buyers typically fuel the housing market with new inventory opening up starter homes. Unfortunately, this will continue to exacerbate the lack of inventory.
This has been evident over the first quarter of 2022 with total single family home sales down 17%. As agents, as true pros, we need to make sure we are operating as the navigators of these market conditions and not victims of the current difficult situation. Even with all of the challenges, this market still has plenty of business for success for those doing what it takes for the market to find them. So, are you operating like a true pro? Are you doing what it takes for this market to find you? Wondering what you should be doing? Send me an email or text. Keep elevating our industry!
David Veldkamp
RE/MAX GR
(616) 460-6123 (Call or text)
daveveldkamp@remax.net