Pending Contracts to Help the Market?

by | Mar 3, 2023 | 0 comments

December and January showed us a decline in mortgage rates which has led to an increase of pending contracts by 8% in January.  Three months into the pandemic lockdown was the last time there was above an 8% increase of pending contracts and by June of that year home sales increased 17% compared to May.

What does this mean for buyers and sellers?  Bright MLS Chief Economist, Lisa Sturtevant, feels it’s going to be a bumpy road to a normal housing market in 2023.  A lot of sellers are offering price concessions but they’re still not getting buyers off the fence due to higher interest rates.

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