I know many of you have been wondering why home prices haven't gone down, despite the rising mortgage interest rates. Well, let's dive into the current state of our local residential real estate market and clear up some misconceptions. I promise to keep it light and fun!
Read MoreOK, deep breath. Let’s process this… It’s clear the market has slowed down significantly the past few months. The number of transactions occurring is down by almost 25% since last year. Why? Mortgage interest rates increased dramatically – we have been spoiled with ridiculously low rates from 2-4% over the past several years. Recently rates peaked in mid-October and we saw 7-8% for a 30 year fixed loan.
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