June sales shows us data we were expecting: Median Sales Price fell by 1.5% compared to May numbers, and Closed Sales were also down with both single family homes and townhouse/condos. Looking into the near future, we see more homes for sale, but less closing. Why? Higher interest rates compared to the beginning of the year and less competition among buyers. As a Seller, you need to look at your motivation, do you need to sell and at what selling price will you be comfortable with? As a Buyer, has the increased interest rates cut away what you can now be qualified to buy? What are you comfortable with if your offer price gets accepted? There are other considerations, not necessarily pros and cons. Let’s start the conversation…
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