Market Commentary August 2023
Featured property: An AIA award-winning celestial marvel – The Dark Chalet, by renowned architect Tom Wiscombe, known for his masterful work on the BMW World Museum in Munich. For Sale 8465 E Copper Crest Road Eden, Utah, 84310 United States .
As we head into the fall season , we've witnessed interest rates nearly double over the the past year and, some buyers are hoping their purchasing power will be stronger when and if the interest rates come down in the next 12-14 months. Some sellers are not wanting to engage in this high interest rate environment either; primarily because, they don't want to risk losing their own low mortgage rates. In Hamilton-Burlington (RAHB) reported a decline of 11 per cent in sales. Despite low supply, sales softened for detached, semi and town homes last month.
So what should we expect for the fall season? In September, more properties will flow to market but expect inventory to still remain tight. Buyers who are ready to jump in and sellers who are propelled to move, must 1) determine whether the time is right to sell or if there's a home/investment property out there for them and, 2) Choose an experienced Realtor they can trust and willing to go the extra mile needed in today's market place.
Have a wonderful weekend!
Stella McCollum
