• Online Sale Counselor
    Have Questions?
    Call Bob (913) 481-2680

Blog Post

June 3, 2022

Ever since the interest rate dropped during the pandemic, the housing market has been booming all across the county. Homes are selling for thousands over the asking price, inspections are waved, and buyers are doing everything they can to sweeten the deal. With the drop in interest rates, many rushed to their realtors with the intent of trading up to a newer home. All of the demand drove prices up and caused many homes to be on the market mere minutes before offers came flooding in. With inventory being so low, the competition to find a home was tougher than ever. Now that rates are starting to rise and the supply of homes that are hitting the market is starting to increase, the housing boom is starting to calm. 

"New home construction has also bolstered the housing supply, says Lawrence Yun, chief economist for the National Association of Realtors." An increase in new construction has offered the opportunity for more options for buyers. Many are concerned that the pendulum will swing back the other way and the market will crash, but fear not: "Be smart: The cooldown is not a sign of a housing crash — just an indication that we're going to return to a more balanced market, says Tucker of Zillow."

The housing market will likely balance over the next few years. Homes won't be selling quite as quickly, and searching for a new home won't be quite so daunting. 

Source: https://www.axios.com/2022/05/16/the-crazy-housing-market-is-finally-slowing-down