Rising intereste rates-Has it cooled off your market?

[Mauirealestatepete]

Just wanted to see if anyone has felt the impact of rising interest rates yet? Maui still seems to be pretty hot, but we are something of a unique market. I would also argue that rates are still pretty good, but not great. Our biggest problem right now is lack of inventory. Just curious as to how business is for everyone.

[La Canada Realtor]

Hi! Glad to hear your market is still hot!

We are starting to see an increase in inventory. Not sure if it's due to buyers reaction to interest rates, high prices, or normal spring influx of inventory. Too soon to tell.

Homes do not appear to be selling as quickly, but it's still a "seller's market" with multiple offers and many homes selling for more than asking price.

[Mauirealestatepete]

It will be interesting to see if we mirror your increase in inventory. Maui generally seems to follow the lead of the California market, although we seem to lag behind you by about six months in terms of trends.

[La Canada Realtor]

... and we say we lag behind the east coast by that much! It must be the "wave" effect!

[Jim Messenger]

It's still a very aggressive sellers market here. Homes in some areas are getting multiple offers in a matter of hours and many are selling over list price.

I have actually been looking (for about three weeks) to buy another home in my subdivision as an investment. I have the MLS set to notify me the minute something comes on the market and so far I have not made it to one house before it's been sold.

So, no signs of cooling here! (pun intended)

[2savvy]

Carefree is too hot damn it

[Cecil]

Some California markets have seen a doubling in seller's inventory. Surprisingly, the demand still outweighs the inventory and prices continue to climb. Everyone seems to think we have a couple years until the ARMs adjust up and allow this house of cards to fall.

[IGotRealEstate]

The Minneapolis real estate market is strong... I can say the refi slowed down but thats about it...

[kkraft]

Our market has been very strange. We continue to sell more than each year before and the prices rise, but we have a large amount of inventory. Ordinarily you would think that would drive prices down...it does but only for the tired shop worn homes that are on the market.

Segments of our market are very hot. Homes in good and great condition are gone quickly.

The scare of interest rates going up has really only fueled the fire. People want in now, before it is too late.

[LongIslandLady]

Our market on Long Island has been white hot for several years and we've all been expecting a correction for some time. Lately, a lot more inventory has come out and some homes have been sitting on the market, requiring price reductions before finding the perfect buyer. On the other hand, there are still homes that come out and sell in a flash, at or above the asking price.

Prices are still crazy though, making it difficult for the first time buyer.