The Tide Is Changing

We have been talking about the possibility of a changing real estate market for quite a while now and we are seeing a once hot market starting to cool off. What has happened is a series of events that continue to challenge all consumers. First, the increase by the Federal Reserve has push interests rates to near 6%, thus forcing many would be buyers to step away from the market. Spiraling higher costs for gas and just about all goods and services is making owning a home substantially more expensive. Many second home buyers, who had been buying homes with profits from their investment portfolios, have had to put the brakes on due to the recent downturn in the stock market. As inventories are starting to increase, and prices softening, this could put buyers in the near future to be in stronger position to get back in.