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The real estate market was relatively quiet in the latter part of 2022. Fewer listings, fewer buyers, lower inventory, longer days on market, etc. That’s about to change……Here are a few things were seeing in the market today
Buyers
Buyers are getting back in the game! In early 2022, a combination of rising interest rates, global financial insecurity and plain old house buying exhaustion caused a very sudden drop in buyer activity. True, buyers still don’t like that interest rates are a big higher, but they’ve already dealt with that reality and no big changes have happened recently. Housing is a necessity and buyers are ready to move.
Sellers
Sellers are getting back in the game! So many sellers listed their homes in the last year with unreasonable expectations. They watched the 2021 feeding frenzy and decided to sell for that big payoff. Well, that was about the time the buyers said no thanks and got very picky. Many of those houses sat and eventually went off market. Sellers have adjusted their expectations and realized that it’s taking a little longer, but houses are still selling for a high value. We’re seeing an uptick in listings; real listings, people who actually want to sell their homes.
Statistics
Real estate market statistics are measured year over year. When everything was so inflated in 2021 and dropped suddenly in 2022, mainstream media began reporting huge plummets. These reports (which are at a national level by the way and may not even be true of your specific market) drove consumer behavior and caused many to freeze in uncertainty. It’s almost been a year and those initial low numbers are what we will now compare against. As a result, second quarter reports will show an increase in sales and activity which makes people on the sidelines suddenly feel a bit more secure, unfreezing them.
The bear is coming out of her sleep for sure. We are seeing increased quality listings, open house attendance is up, and even multiple offer situations are coming back into play. Have you noticed offer review dates again? Have you notice for sale signs in your neighborhoods? Yep! The media only reports big picture numbers, I’d love to provide you the numbers for your neighborhood and home specifically. Or, let go house hunting together, just reach out! 😊
