09/19/2022
MARKET UPDATE
The market is seeing a shift.
Let me be super clear here, the market is NOT crashing, nor do we expect it to. (super unpopular opinion)
We are seeing home values decrease, yes. As you can see in the graphic, they are down over 3.5% from July to August ($575k to $555k). Days on market are longer which means buyers are being pickier about what they're purchasing and there are less buyers out there looking than in previous months (and years). However, this does not mean the market is crashing. The prices are being corrected from the incredible inflation we saw over the past few years.
Is now the time for you to buy? That's up to you, but I'll tell you that now isn't a bad time to buy. There are more cases of getting your closing costs covered by the seller (which is normally an out-of-pocket expense for you), and less competition - if any - on homes. Interest rates are higher which decreases your buying power, but that is something you have to work with a lender on and if it's within your budget then chat with your agent! (or call me if you don't have one!)
Is now a good time to sell your home? I'm not going to say yes outright. It depends on the condition of the house and what your expectations are in a listing price. It's a sellers market (for now), but buyers have a lot of power. Priced incorrectly for the condition and homes are sitting for months at a time. Talk to your agent about a walk-through and valuation and see if that lines up with your financial goals. Then ask them about their listing strategy to get it sold quickly. If you decide to interview agents, I'd love to be added to the list if you think we would work well together!
For more on why we won't see the market "crash" or the "bubble pop", visit my blog:
takehomeeq.com
or through the link in my bio on Instagram
