Our president Andy Fazendin, who is also this year’s MAAR president, was recently interviewed by Finance & Commerce magazine to talk about his thoughts on the current rise in interest rates and what this means for the housing market going forward.
Below is a snippet from the recent article, written by Burl Gilyard:
While the inventory of homes remains low — it’s down 17.2 percent from a year ago — the uptick in new listings is a sign that some owners who have put off selling their homes are more confident in the market.
“The sellers are watching the headlines, they’re watching where prices are going,” said Andy Fazendin, president of MAAR. He noted that he’s seeing many cases of multiple offers for homes, and says that he’s once again seeing homes selling above the listed price.
But Fazendin discounted the suggestion that rising prices will lead to another “bubble” in the housing market.
“People right now I don’t think are overpaying for houses,” Fazendin said. “I don’t think the bubble is being recreated. We’re still recovering.”