Byron Lazine and Nicole White are two agents in Connecticut who give us their thoughts on the week’s news every Friday in “The Real Word,” a weekly video column on Inman.
Byron Lazine and Nicole White discussed the economic shock that just got bigger, according to an article in Forbes: interest rates quickly approaching 5 percent. White believes that the impact won’t just be on buyer demand but will impact current homeowners’ willingness to put their homes on the market, resulting in further tightening of the inventory. Lazine said that, while many agents are frustrated with the difficulties of current market conditions, there are many challenges both in buyer and seller markets.
According to a survey from NAR, the current average is five offers per home sold in today’s market. Almost half of offers are above list price as well, with 13 percent of the offers at 10 percent above the list price. “When you’re writing five offers to get one today, ten years ago you were doing five price reductions to get one sale,” said Lazine. “I want to keep reminding agents what the other side of the market looks like.”