Market Report - September 2023

Posted on: October 16, 2023

Market Outlook Highlights:
  • Looking ahead, it seems more likely that mortgage rates may reach 8% rather than return to 6% in 2023.
  • Elevated mortgage rates will limit future new listings as potential sellers cling to their homes and locked-in rates that are half of what we are seeing today.
  • Demand will be held back as well since fewer buyers may qualify or willingly adjust their budget to a smaller or lower-priced home.
  • Additionally, the decreases in rental rates in many parts of the region may persuade buyers to pause their pursuit of homeownership—at least temporarily.
  • Lower demand could increase supply, though the gradual additions won’t change the inventory situation enough to lead to a major price correction. AND, when mortgage rates start to drop, the pressure on prices will only grow as buyers return to the market.
We also will continue keeping a close eye on the market so we can better advise our clients with timely and important knowledge.
Please let us know if you have questions about your specific situation, whether selling or buying.
For more details click the link below. 
(Data is valid as of October 6, 2023.)
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The Silver Line Group has earned its reputation one home sale at at time. Our talented team of professionals strongly believes in delivering the highest level of integrity, professionalism, and expertise at all price points.