Advertisement

Local housing market remains ‘red hot’ but slowing

Published: Oct. 1, 2021 at 9:10 PM PDT
Email This Link
Share on Pinterest
Share on LinkedIn

SPARKS, Nev. (KOLO) -- Keller Williams Real Estate Agent Ginger Marphis says for the first time this year one of her listings is not under contract two weeks after it was first published.

She listed the single-family two story home at 3151 Myles Drive in Sparks Thursday, September 16 for $435,000.

The listing attracted two agent views and six client views in the first 20 minutes and 15 days later it attracted 126 agent views, 81 client views, 21 showings, but remains without a committed buyer offering a contract to buy.

“We’re seeing a slowdown. We’re seeing more price reductions,” Marphis said.

The listing price dropped $7,000 on Wednesday, September 29 to $428,000.

”Some cases we were getting 10 to 15 offers. Now it’s scaled down, we’re still getting multiple offers on a lot of homes, but it’s looking like three or four or five,” Marphis said.

Traditionally, the housing market slows down in October and looking forward to the era of sub 3 percent mortgage rates may be behind us.

The Manager of Economic Research at Realtor.com, George Ratiu predicts mortgage rates will approach 3.5 percent by early 2022 and could be approaching 4 percent by the end of 2022.

Putting this into perspective, as of September 23, 2021 the 30-year fixed-rate mortgage averaged 2.88 percent while the 15-year fixed-rate mortgage averaged 2.15 percent, according to Freddie Mac.

Copyright 2021 KOLO. All rights reserved.