Over the last few weeks, the national 30-year mortgage rates are averaging over 7%. As you can see in the chart to the right, other than a couple of weeks in November 2022, rates have not been this high in almost two decades. The chart is from the St. Louis Federal Reserve Bank showing the 30-year mortgage average rate since 2002.
The big question is, are rates now high enough to slow the market down? I don’t believe that we will have a firm answer for several months. It takes 30 to 60 days to close on a house once it is under contract, so October will be the soonest we have real data to analyze.
Complicating matters is the fact that, in a normal market, August is typically one of the slowest times of year for our local market. It feels a little slower right now, but is that a result of increased rates or is it just a normal August? The good news is that houses are still selling, even with the higher rates and the August factor. As you can see in this chart courtesy of the Real Estate Information Network, we are clearly still in a seller’s market, as evidenced by our current inventory levels.
(REIN our local MLS):
It will be interesting to see what happens this fall but our big-picture view hasn’t changed. Our supply of local houses for sale should easily outstrip demand and keep us in a seller’s market for the next several months. If you are thinking about selling, it is in your best interest to go ahead and give us a call (757-726-7653 for Lee, 757-434-9084 for Harry) or reply back to this email, and we will be happy to talk through your individual situation. We love real estate and are always happy to talk.
What’s Happening in Suffolk
Field Day ForKids | ForKids
Ready, set, join us for the 4th annual Field Day ForKids – pick and play your favorite activity or support ForKids through sponsoring our event!
Movie in the Park: The Super Mario Bros. Movie
Kick back at the Holland Ball Field and watch the 2023 box-office smash, The Super Mario Bros. Movie. Concessions will be available and the movie will begin promptly at 8pm. This event is free and ope…
Suffolk Plein Air Festival 2023
The City of Suffolk is gearing up for the third annual Suffolk Plein Air Festival, September 5-9, 2023. Plein Air Artists from the around the country and internationally have applied to participate. .
Taste of Suffolk 2023
Take a bite out of the annual Taste of Suffolk Street Festival! This event site will stretch down Main Street from 11am-5pm (with an after party beginning at 4:30pm), starting on Finney Avenue and cov…
Fall Exhibit: Chesapeake Bay Watercolorists
The Suffolk Art Gallery is proud to present their Fall 2023 Exhibit, featuring work from members of the Chesapeake Bay Watercolorists, a membership-based organization that brings local artists and art…
National Gymnastics Day at Triple T Sports Center
Join Triple T Sports Center for a family fun day celebrating the sport of gymnastics! This event is free and open to the public. Event includes open gym (obstacle course, foam block pit, trampolines, …
At our patrons request …VINYL RADIO triumphantly returns to the Suffolk Center’s historic Birdsong Theater, with a wash of vocal power and a righteous regard for the great rock-n-roll music of t…
SUFFOLK PEANUT FEST
Known for its fun family activities, Suffolk Peanut Fest offers concerts, amusement rides, contests and competitions, a demolition derby, peanut cup race, motorcycle rally, fireworks and much more. Combine all of these great activities with local and national entertainment and you have a weekend full of good times!
SUFFOLK VA FARMERS’ MARKET
The Market offers an array of fresh local produce, beef, poultry, eggs, honey, baked goods, pickled vegetables, jams, plants and flowers, handmade soaps, candles, garden and farm décor, jewelry, and other artisan crafts.