Do Buyers Care about Interest Rates? The short answer is yes – but the rise in rates hasn’t done much to slow down the market yet because the number of buyers is still disproportionately higher than the number of sellers.
As you take a look at the chart from the Real Estate Information Network (our local MLS) showing the changes in year over year numbers (comparing April 2022 to April 2021), note that the numbers are more a reflection of homes closing in April, so the majority went under contract in February and March before some of the larger interest rate increases occurred.
As you can see, we have double digit percentage changes across the board, which is unusual. The median sale price of $319,900 for April 2022 is an all-time high, and significantly greater than the previous high of $300,000 which occurred in March 2022 and July 2021. With our advice, our sellers continue to be able to command high prices for their homes and buyers continue to pay.
Last month we focused on interest rates and the impact they have on buyer’s monthly payments and buying power, and while the numbers don’t yet show that buyers are impacted enough to change their behavior, it will be interesting to see the direction our local real estate market takes over the next few months.
If you have been thinking of selling, but have been holding off thinking prices will continue to rise, it is probably time for us to talk. We can give you a free estimate of what your home is worth in our current market. Each price range and neighborhood are different, so give us a call (757-726-7653 for Lee, 757-434-9084 for Harry) or reply back to this email. We love talking real estate and are happy to have a no obligation conversation customized to your own personal needs.
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What’s Happening in Suffolk
Whats Happening | Visit Suffolk Virginia
May is shaping up to be a busy month in Suffolk! Expect lots of family fun, outdoor concerts, guided tours and so much more! Here’s a glimpse of what you can expect: The Suffolk Farmers’ Market season kicked off Saturday, May 7, 2022, in the…
Spring Exhibit: “Threaded: An Invitational Exhibit…
The Suffolk Art Gallery and Suffolk Art League invite you to visit our invitational exhibit, “Threaded: An Invitational Exhibit Showcasing Fiber and Textile Art.” Fiber techniques including hook rugs, yarn-bombing, natural dyes, and embroidery…
Great Dismal Swamp Safari
The Great Dismal Swamp is anything but dismal. The narrated Swamp Safari, one of Suffolk’s most popular attractions, fills up quickly. This three-hour tour is led by a biologist specializing is the unique habitat of the Great Dismal. Learn about…
Cedar Hill Cemetery Stroll
An official Virginia Civil War Trail site, Cedar Hill Cemetery has long been an attraction for history buffs and even walking groups. The Suffolk Division of Tourism offers a guided stroll through the pleasant 32-acre cemetery, rich in history…
Suffolk Farmers’ Market Season Opening Celebration
The Suffolk Farmers’ Market kicks off the 2022 season on Saturday, May 7, in the Suffolk Visitor Center Pavilion at 524 North Main Street. The weekly market is enjoyed by locals and visitors searching for fresh locally grown fruits and…