Our market is shifting, but it’s still a good time to buy or sell.
Today we want to talk about what we would call the shift. We’ve been killing it for the last two years; everybody decided they wanted to move coming out of quarantine. However, we noticed that things started to slow down last May, and when the market picked back up in January, we wondered if that pattern would repeat.
It has. The chart at 0:45 in the video shows that we’re following a similar trajectory to last year. The difference is that the Federal Reserve has also increased interest rates. They’ve jumped up almost 2% in two weeks, so the downward trajectory has been steeper.
“We’re still in a great market; it’s just not the insane one we’ve had recently.”
The chart at 1:09 in the video shows the Cromford Report data for market demand in every city. Demand is dropping quickly across the board, and supply has also increased. We’ve gone from around 4,000 available homes to just over 8,000, and we believe this trend will continue. At this point, people have agreed that the crazy price appreciation is probably over, and everybody who was delaying their move seems to be entering the market.
If you’re a buyer, this is good news. You’ll finally have options, and you won’t have to compete with 15 other people for homes. If you’re selling, this market is still good for you. Prices are still high, so you can be sure that you’re not leaving money on the table. You’ll have more competition, and while you may not get multiple offers, you should be able to sell high and move on easily.
This is real-time data that is starting to affect some of our recent listings. We’re still in a great market; it’s just not the insane one we’ve had recently. If you’re thinking about buying or selling or just have some questions, feel free to call or email us. We would love to help you.