The impacts of the mortgage rate increases are being felt throughout the metro as we see a drop in closed and pending sales in the 3rd quarter. Home sale prices, however, have not decreased on average due to the prevalent lack of inventory. Another factor we are seeing is that those in the current market are serious. Those needing to buy or sell are still out there and they are not taking a wait and see approach. Check out this short video and don't hesitate to reach out with questions for your specific area.
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