The market stumbled in September

September was a rocky month for both buyers and sellers due to rising mortgage rates and persistently high housing costs. Here are notable stats from Redfin:

• 22.4% of listings took a price reduction
• Total sale volume dropped 25% YoY, the biggest drop since spring 2020
• New listings decreased 22% YoY, also the biggest drop since spring 2020
• About 60,000 contracts were canceled (roughly one in five purchase agreements), the highest cancelation rate since March 2020

Our take

High mortgage rates and the stock market volatility scared off a lot of buyers last month. We keep reminding our clients that mortgage rates are only going to go up from here, and if they want to buy within the next year, they shouldn’t wait. Right now, buyers have little competition, a lot of negotiating power, and the best rates they’ll get for months. So get out there and help them find a great deal!

If you are looking to buy or sell, we would love to assist, please fill out the form below.

WHO IS RI PRASAD LUXURY GROUP?

We are one of Chicago’s leading providers of comprehensive real estate services. We are home to an ever-growing team of savvy & reputable local realtors who are community leaders, and customer-service-oriented staff. Whether you’re looking to find a new home, sell your home, or invest in your future; let us be your trusted real estate advisors.

“Real Estate isn’t just a profession, it is truly a obsession” - Ri Prasad