Lately, many realtors in the area have been noting how the market appears to be a little less intense these last few weeks, and the numbers tend to agree. Here's some fresh insight into the Madison area real estate market with a quick look at listings, showings, and mortgage rates.
First, the number of available listings is increasing.
In fact, inventory levels right now are the highest they've been all year. Buyers have more properties to choose from right now than in any other point in 2022.
Competition is decreasing.
As inventory has been increasing, the number of scheduled showings has been moderating. These two trends point to fewer competing offers in the weeks and months ahead.
Interest rates have been rising.
More inventory and fewer showings have coincided with the recent rise in mortgage rates. Now that rates are above 5 percent, some buyers have been forced to drop their home search and put their purchase plans on hold.
Opportunities for buyers in 2022
While the rise in mortgage rates has forced some buyers to withdraw from the market, it has created a window of opportunity for others. On the whole, buyers who remain in the market will experience more opportunities to purchase and fewer competing buyers to contend with in the weeks and months ahead. And for those that need to sell in order to buy, it will become possible once again to buy and sell a home on the same day. We'll also see a lot more negotiation in the near future, now that more balance is returning to the market. Once again, buyers will be able to negotiate the purchase price, the home inspection, the appraisal contingency, and other contingencies, too.
Do you have questions about the market and how it impacts your home ownership goals?
Please reach out to our realtor team for a helpful consultation. We're always available to talk real estate, and we're here to help you successfully navigate any type of market. Just like you, we are in the real estate game for the long run.
