The New Real Estate Market: What Does It Mean for YOU?

October 18, 2022 | Market Pulse | By: Allison

Here we are; halfway through October and a few months into a new real estate market. As you’ve likely read or heard on the news, we are no longer in the go go go market of the last couple of years.

So, what does this “new market” mean for you?

It depends.

If you’re not planning to move anytime soon, the only thing to consider is home values.  We don’t anticipate any major adjustments for home values in our area in the short term. Over the last few years we have seen sharp increases, which we don’t anticipate continuing through the end of this year. However, we also don’t anticipate any major declines. The market is simply stabilizing.

If you’re thinking about buying, the interest rates have likely gone up since your last purchase. But, it’s not all bad news. There are ways to lower your rate through various loan programs like ARM’s or rate buy-downs. Plus, the market is now one where you may able to negotiate your price down or ask for closing cost assistance – once unheard of in this market!

If you’re thinking about selling, don’t fear. While many homes are taking longer to sell, those that are positioned properly with price and presentation are still selling quickly.  Others may take longer to move, but we are not seeing major hits on pricing. Patience is a virtue right now for sellers.

The bottom line is that we have returned to a more “normal” and “stable” market than we have seen in the area in several years. It is not a down market or a housing recession, it is simply a market that is normalizing between buyers and sellers.  Price, presentation and negotiation matter!

 As always, we are never too busy to help you and your friends and family with any questions related to real estate or your home. We are here to answer your real estate questions, big and small. Have questions? Reach out below!

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