Everything I was worried about in January thinking they would negatively impact the real estate industry has come to fruition. Nationally, we're at an 8.5% inflation rate (the highest in 40 years) and I just read the Dallas area is closer to 9%. Interest rates have creeped up to around 5% and many expect it to hit 6% by the end of the year. It feels like the world is on fire with the Ukranian situation.
Yet from what I can tell, none of it has moved the needle one bit. We're still in a very robust market with record prices.
I won't bore you with incredible stories of how much homes are selling for and how many offers they're receiving because we've all heard them. But take my word for it, that's still happening.
Many homeowners want to take advantage of this seller's market but are worried where they're going to go, and rightly so. I think this is the main reason we aren't seeing more homes on the market right now.
Unless a seller is moving further out where they can get more for their money or dramatically downsizing, it really doesn't make much sense to sell. They know what other homes are selling for so what's the point in making a lateral move?
This short video by Sean Elliott, one of our excellent agents and a "numbers guy", summarizes the inventory situation we're in right now.
