The local housing market remains ‘hot’ but is slowing down

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SPARKS, Nevada (KOLO) – Keller Williams Real Estate Agent Ginger Marphis says for the first time this year that one of its ads is not under contract two weeks after it was first published.

She listed the two-story single-family home at 3151 Myles Drive in Sparks Thursday September 16 for $ 435,000.

The ad attracted two agent views and six client views in the first 20 minutes and 15 days later it attracted 126 agent views, 81 client views, 21 visits, but remains without an engaged buyer offering a purchase contract.

“We are seeing a slowdown. We’re seeing more price cuts, ”Marphis said.

The listing price fell from $ 7,000 on Wednesday, September 29 to $ 428,000.

“In some cases, we received 10 to 15 offers. Now it’s reduced, we still get multiple offers on a lot of houses, but it looks like three, four or five, ”Marphis said.

Traditionally, the housing market has slowed in October and the era of mortgage rates below 3% may be behind us.

The Director of Economic Research at Realtor.com, George Ratiu predicts mortgage rates will approach 3.5% by early 2022 and could approach 4% by the end of 2022.

To put that into perspective, as of September 23, 2021, the 30-year fixed rate mortgage was on average 2.88%, while the 15-year fixed rate mortgage was on average 2.15%, according to Freddie Mac.

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