11 "Lost" Home Buyer Profiles of 2022

2022 has seen the withdrawal of the following home buyer profiles from the real estate markets:

1.?Those priced out because interest rates - as well as home prices - have?risen?too high for them to be able to afford what they need/want.

2.?Those fearful of a recession and the possibility of?losing their job.

3.?Those in a home with a super-low?mortgage interest rate. Buying now at a higher rate feels painful.

4.?Those waiting for their bonus - yes, some entities have done very well in 2022 - to have the cash to buy in 2023 and reduce the size of their mortgage.

5.?Those who are cautious and wish to 'wait and see' if /how much home prices come down before stepping in.

6.?Those who cannot borrow against their stocks because the markets are sharply down over the past 12 months.

7.?Those who have lost a fortune via crypto or other investments and need to hold on to cash reserves, or don't qualify anymore for loans.

8.?Those holding onto their cash to deploy into equities - or have done?so already - as many believe we are at or very close to the bottom.

9.?Those who do not wish to take a large capital gain in 2022. Tax season is coming....

10. Those who still cannot find what they want due to limited supply.

11. Flippers hardly ever buy when markets indicate a downward trend.?

This is a big chunk of buyers removed from the markets. BUT.....I have some good news: The vast majority of these 'lost' buyers will be back. They are simply out of the markets temporarily?during the "GREAT REBALANCING?OF 2022". We in the real estate profession exist in a 'catch-up' market. Unlike a restaurant where a patron cannot return for 8 dinners in a sitting after missing 8 dinners, most home buyers whose plans are on hold return to their mission sooner or later. It's the waiting that's the tough part for agents - and buyers and sellers - but they mostly return. Those who buy ahead of the cycles are always rewarded with opportunity to select the best quality. For some that moment has already arrived!