Today we’re seeing more buyers come to terms with a reality that would have sounded unbelievable in 2021: a mortgage rate in the mid-6% range may simply be normal for the foreseeable future. That’s changing behavior.
Instead of waiting for lower rates, buyers are negotiating harder. They’re asking sellers for concessions. They’re becoming more selective. They’re shopping within their means. Most importantly, they’re moving forward with purchases because they realize putting life on hold indefinitely isn’t a strategy.
This year has seen a surge of activity. Locally, sales volume this spring was up approximately 5% from a year ago despite mortgage rates remaining in the 6's. In many ways, we’re witnessing the housing market’s return to normal. Not the frenzied market of 2021. Not the frozen market many predicted would occur when rates rose. Something in between. A market where people buy homes because they need homes.
And perhaps the biggest lesson from the last three years is this: the housing market stopped waiting for 5% mortgages long before many economists did.
