"Now is a good time and opportunity for buyers where they can actually look at a house, think about it, process it and make a good, honest and wise decision about it."
(CNN) — Mortgage rates climbed past 4% for the first time since May 2019. The 30-year fixed-rate mortgage averaged 4.16% in the week ending March 17, up from 3.85% the week before, according to Freddie Mac.
“I’m not scared at all,” said Robbins, who is a real estate agent with Summit Sotheby’s International Realty. "The bubble is not bursting. If you have a good listing, it is gone within a week, still with multiple offers"
“While new listings are on the rise, overall inventory levels are not keeping up with homebuyer demand,” Scott Robbins, president of the Salt Lake Board of Realtors and a Draper-based agent with Sotheby’s International Realty, said in a statement.
“Wealthy transplants from California and New York are fueling million-dollar home sales,” Robbins said in a statement. “Nearly 3 of every 4 homes sold above $1 million were priced from $1 million to $1.5 million.”
Board of Realtors President Scott Robbins said Monday that the five-county region’s housing markets continue to face pressure due to a relatively low number of homes available for sale even as demand remains high.
However, Robbins noted, that "It remains somewhat of a challenge to sell a home above $1.5 million, even in today’s strong economy.”
"I tell buyers the truth: It's pretty brutal out there...". Robbins and others say buyers need to prequalify for a mortgage before they even start looking.
Providing member agents with news, tips, interviews and other content to help them improve their profession.
Rising Home Prices and Climbing Incomes Fuel Our Market
Exceptional Sales Associates
Sellers will get most active in the busy springtime market, predicts Scott Robbins, associate broker at Summit Sotheby's International Realty. "We are still in an inventory crunch and typically in the spring we have more inventory come on," Robbins tells Axios.