August 2022 Market Recap

You can feel it. When you’re driving down the road, focused on getting to your destination, and suddenly you realize how fast you’re going. What do you do? Hit the brakes, of course. And when you do that, you feel it. You’re not stopping; you’re just slowing to the speed that you were supposed to have been going.

We feel it in our real estate market. We’re slowing down. It’s a needed adjustment from the out-of-the-ordinary rates of price increases and sales that we have been seeing over the past two years. It’s important that we understand this deceleration is bringing us back to more normal market conditions in which both buyers and sellers can greatly benefit. Buyers are once again able to have more of the “standard” contingency protections that they were having to waive to compete over the last two years. Homes are staying on the market a few to several days longer, making them available for more buyers to see.

Despite the seasonal slowdown, sellers are enjoying a steady pace of showings and are often receiving several offers due to the continued low inventory prevalent in our area. The lack of available homes for sale continues to put upward pressure on pricing, with appreciation continuing at an expected pace back to 3-6% per year for the next several years.

If you are considering making a move, call me. I welcome the opportunity to help you navigate the market and obtain your greatest results!