By Saturday evening the homeowners had received so many offers — a total of 25 bids, all of them over the $320,000 list price — that they canceled the second open house. Within 48 hours the sellers were in contract with a buyer offering well over the asking price. “We thought we’d get offers,” said Hill, who is with RE/MAX Results.
Mortgage rates are now nearly a percentage point and a half higher than they were a year ago, after a historic climb over the past year following the Federal Reserve’s effort to rein in inflation. That surge significantly changed the monthly cost of owning a home and pushed many buyers out of the market. Typically, when demand drops, supply goes up. But that’s not happening in the housing market now.
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