Quietly, many realtors in the Madison area have been noting how the market appears to be a little less intense these last few weeks, and the numbers tend to agree. Here's a little more insight. 

First, the number of available listings is increasing.

In fact, inventory levels right now are the highest they've been all year. Buyers have more properties to choose from right now than in any other point in 2022. 

Showing activity is moderating. 

As inventory has been increasing, the number of scheduled showings has been moderating. These two trends point to fewer competing offers in the weeks and months ahead. 

Interest rates have been rising. 

More inventory and fewer showings have coincided with the recent rise in mortgage rates. Now that rates are above 5 percent, some buyers have been forced to drop their home search and put their purchase plans on hold. 

Opportunities for buyers in 2022

While the rise in mortgage rates has forced some buyers to withdraw from the market, it has created a window of opportunities for others. On the whole, buyers will experience more opportunities to purchase without any competition. For those that need to sell in order to buy, it will become possible once again to accomplish both of these goals at the same time. And, we'll see a lot more negotiation in the months ahead. Buyers will be able to negotiate the price, the home inspection, the appraisal, and other contingencies, too. 

Do you have questions about the market and how it impacts your home ownership goals? Please reach out to our realtor team for a helpful consultation. We're always available to talk real estate and help you successfully navigate any type of market.