Demand for our area remains high, but we are seeing a deceleration in the housing market.
What does that look like? The outcomes of recent contracts prove that we are at a turning point. The four homes my clients have under contract saw fewer showings and less multiple offers, sellers paid for buyers home warranties and gave money at closing in lieu of repairs- that is something you would not have seen 2 months ago! As soon as my FHA buyers can land a home on the first offer that will be the tell all sign that the real estate market is shifting.
Despite the slow down it is still a sellers market. We are still in an inventory shortage.
Buyers more than ever are trying to get in a home before rates get too much higher than 6%. Remember- same inventory, fewer sales means more months supply which means we’ll have more homes on the market for longer. Listings are up nationwide about 6% from this time last year.
Buyers are still searching but competition is not as fierce.
Buyer frenzy has slowed making it possible for offers to be accepted on the first try without as much competition. It could also be that sellers are not quite wanting to accept the shift and pricing their homes higher and then having to lower after several rejected offers.
If you’re thinking about buying or selling in the next 12 months, now is the time to get a plan in place. I understand the financial and logistical complexity of a move. We sold our home with twin toddlers, so I know firsthand how important it is to have a trusted partner to help manage the details while you stay focused on keeping your daily life on the rails. That’s why I’ve made it my mission to provide my clients with the knowledge and tools needed to prepare themselves for this transition. And thanks to a proven process that works, I’ve had the pleasure of helping 100’s of clients over the past 16 years to get the results they deserve so that they can move on to their next chapter with ease.
Real Estate Market Highlights: JULY
|2021 YTD||2022 YTD||2021 vs.
|Average Sales Price||$419K||$509K||11%||Last years appreciation : 18%
Current appreciation: 8-10%
A normal market is: 3.5%
|New Listings||486||536||22.7%||Inventory is slowing…still a sellers market|
|Price Per Sq. Foot||$181||$224||23.8%||Some homes have sold as high as $265 sq. foot.|
SimpliHOM Realty OFFICE: 855-856-9466 Website: AmberCarlson.Com Lic#306652