We have homes in the lower price ranges having a huge amount of activity to the point of multiple offers right now, and a good percentage of them driving the price over asking.
A large pool of buyers and a shrinking inventory = supply and demand = increase in home values in the lower price ranges.
Homes in the 1.5 million range and above have fewer activity, and also much more difficulty obtaining loans in that price range.
A small pool of buyers and an abundant inventory = supply and demand = deccrease in home values in the upper price ranges.
What this is going to do is narrow the gap somewhat between the homes in the lowest and highest ranges.
If you're a seller in the lower price ranges, CHOOSE THE OFFER THAT WILL MOST ASSURADLY CLOSE!
If you're a seller in the upper price ranges, WORK LIKE CRAZY WITH ANY OFFERS THAT COME IN!
