The Great Rebalancing Act of 2022 certainly has its ups and downs. As the Fed adjusts interest rates in response to our economy’s changes, it’s easy to let scary headlines and contradicting opinions get the best of us. But what IS certain – in time, the volatility will lead to more stable mortgage rates.
“At some point, it will be important to slow the pace of increases. So that time is coming, and it may come as soon as [our] next meeting or the one after that. No decision has been made.” – Fed Chair Jerome Powell.
Within months rates may not yo-yo so intensely – an encouragement to buyers waiting on the sidelines. But the Fed’s changes are working. We are moving towards pre-pandemic market trends (increased inventory with offers closer to the asking price and transactions moving at a slower pace). I haven’t seen the playing field this level between buyers and sellers since 2019.
Buyers and investors, if you’re not as impacted by interest rates – now may be an optimal time to purchase and refinance down the road. Sellers, to reach your goals and needs, the game has gotten more serious. I will provide you with an expert listing strategy:
• Effective pricing through a comparative market analysis.
• Identify improvements to boost your home’s value.
• Provide my list of recommended vendors and contractors.
• Staging to provide the best first impression.
• Professional photography and marketing.
• Syndicating your listing on key real estate websites (and more).
• Sharing your home throughout RE/MAX Alliance’s network of 800+ agents.
• And much more!
Our seller’s market may be softening, but there is still a demand from buyers. Even if you’re thinking about waiting until 2023, chat with me now, so you have more time to plan and prepare to sell.
After all, as your trusted real estate advisor, I’m dedicated to more than managing your next buy/sell. I’m here to listen and support you through this season, clarify any news bits, and help you assess if now is the time to act (or to wait). Knowing your needs and goals, I’ll monitor and alert you about opportunities that could pop up in the coming months.
My passion is for you to navigate these uncertain times more easily with my hands-on assistance. Text, call, or email me today.
| Detached Single Family | Year to Year | ||
| Oct ’21 | Oct ’22 | % change | |
| Active Listings | 2,351 | 5,444 | 131.56% |
| New Listings | 3,703 | 2,720 | -26.55% |
| Pending | 3,923 | 2,419 | -38.34% |
| Closed | 3,893 | 2,332 | -40.10% |
| Closed Price Median | 584,500 | 622,490 | 6.50% |
| Closed Price Average | 684,141 | 738,145 | 7.89% |
| Days on Market | 14 | 29 | 107.14% |
| Months Supply of Inventory | 1.55 | 3.5 | 125.81% |
| Average Percent of Original List Price | 101.76% | 98.54% | -3.16% |
| Sales Volume | 2,663,359,371 | 1,721,352,988 | -35.37% |
| Month to Month | |||
| Sept ’22 | Oct ’22 | % change | |
| Active Listings | 5,798 | 5,444 | -6.11% |
| New Listings | 3,772 | 2,720 | -27.89% |
| Pending | 2,753 | 2,419 | -12.13% |
| Closed | 2,924 | 2,332 | -20.25% |
| Closed Price Median | $632,000 | $622,490 | -1.50% |
| Closed Price Average | $745,947 | $738,145 | -1.05% |
| Days on Market | 28 | 29 | 3.57% |
| Months Supply of Inventory | 3.27 | 3.5 | 7.03% |
| Average Percent of Original List Price | 98.70% | 98.54% | -0.16% |
| Sales Volume | 2,181,149,697 | 1,721,352,988 | -21.08% |
| Attached | Year to Year | ||
| Oct ’21 | Oct ’22 | % change | |
| Active Listings | 1,025 | 1,846 | 80.10% |
| New Listings | 1,620 | 1,117 | -31.05% |
| Pending | 1,632 | 982 | -39.83% |
| Closed | 1,663 | 983 | -40.89% |
| Closed Price Median | 375,000 | 405,000 | 8.00% |
| Closed Price Average | 440,036 | 479,119 | 8.88% |
| Days on Market | 15 | 25 | 66.67% |
| Months Supply of Inventory | 1.59 | 3.01% | -98.11% |
| Average Percent of Original List Price | 101.41 | 99.15% | -99.02% |
| Sales Volume | 731,779,314 | 470,973,618 | -35.64% |
| Month to Month | |||
| Sept ’22 | Oct ’22 | % change | |
| Active Listings | 1,885 | 1,846 | -2.07% |
| New Listings | 1,465 | 1,117 | -23.75% |
| Pending | 1,095 | 982 | -10.32% |
| Closed | 1,189 | 983 | -17.33% |
| Closed Price Median | 410,000 | 405,000 | -1.22% |
| Closed Price Average | 486,773 | 479,119 | -1.57% |
| Days on Market | 23 | 25 | 8.70% |
| Months Supply of Inventory | 2.81% | 3.01% | 7.12% |
| Average Percent of Original List Price | 99.40% | 99.15% | -0.25% |
| Sales Volume | 578,772,853 | 470,973,618 | -18.63% |
