As we all know, the 2022 real estate market came out flying. We were seeing sale prices climb and climb month after month and inevitably that climb has stopped. These past 30 days we have seen a major cool-off in the market. There are a number of factors that have contributed to this, but mainly the increase in inventory as well as the interest rate increase have left a lot of potential buyers on the sidelines. Anyone who wants to move but has a house they need to sell is skeptical of what they will sell their home for, creating doubt in the market.
2017 had a very similar feel as the year went on. In June 2017 we saw a major “cool off” in the market that slowly picked itself back up throughout the Summer and into the Fall. I would imagine we will see a more balanced market over these next few months with things slowly, but surely picking up.
If you have any questions about the highs and lows of this real estate market, don’t hesitate to reach out.