Home prices haven't dropped, despite a "slowing" market
Home prices haven't dropped, despite a "slowing" market ...
Sure, the market slowed down. That's what typically happens in the winter months. It's also amplified by the fact that interest rates doubled last year.
But, despite that, prices didn't come down very much at all because along with lower demand, we have consistently lower inventory.
People didn't want to sell because they'd have to buy at higher interest rates than they were currently in. We called that "lock-in syndrome."
So although demand went down, inventory stayed low and you need the inventory to rise in order for home prices to come down dramatically.
So here we are entering spring, where demand is going to rise and inventory is still low. What do you think that is going to do for home prices in Sanford, NC and the surrounding areas when you add in the fact that our population is expected to continue to rise due to continual additions of new businesses, new jobs and new development in the area?