By RM Home Specialists
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09 Mar, 2024
Chances are you've heard of multiple offers regarding real estate. Especially if you live in Washington State and have had a slight pulse on the market for the past five years. Real estate markets are strongly propelled by supply and demand. Supply is active inventory, aka homes for sale, and the demand is shown by the pending sales- when a buyer and seller get under contract. Overall, there has been a significant shortage of homes compared to people looking to purchase, which has given a strong seller advantage. This, combined with interest rates in the 2% range, which we saw in 2020, resulted in a frenzy for buyers shopping for homes. With interest rates in the 6-7% range, now fewer people can afford the rates and purchase some, which has leveled out with the lack of homes for sale.