July 2023 Newsletter Introduction

SUMMER HAS ARRIVED AND SCHOOL IS OUT!!! June has been a mixed bag of weather but the weather has been pretty consistent in wonderful sunshine. I manage to start my first hike of the season – started very slow since it’s been more than 2 years that I’ve gone hiking. I’m excited to head to the next hike – I was thinking Diez Vistas. Any suggestions?

So how was the market in June since the impact of the increase interest rate that was announced in the same month.  Since the announcement, I have experienced many of my clients looking to sell as they’re having hardship in making their monthly mortgage payments. I also noticed the buyer’s confidence has changed to be more conservative in their decision making. As a result, the demand has dampened and supply has increased with homes being on the market with a longer average time. However, there are some buyers looking to hedge their bets and wanting to secure their interest rates before the next interest hike announcement happening in July would want to pull the trigger and purchase – with the possibility of the fear of missing out.  At the moment – many homes are priced at market or slightly below with offers to be reviewed at a certain time or first come first served basis yet majority of all offers would have subjects.

Note that the next interest hike announcement would be in July 12, and the next few ones for the reminder of the year would be: Sept 6, Oct 25, and Dec 6. Hopefully July’s interest hike with the possibility to rise another 0.25 base points will be the last one till the end of the year.

– Sam