The Truth on How The Market Has Changed Dramatically in the Past 6 Months

There have been plenty of stories in the news about how “bleak” the real estate market is.

We're meeting fear with facts, so here's the truth: the market has changed dramatically in the past 6 months.

Spring 2022:?Homes were under contract in less than 7 days, over asking price, with multiple offers. Many factors contributed to this “feeding frenzy” but the most influential factor was historically low interest rates.

Fall 2022:?The Fed began raising interest rates, and buyer demand decreases (because higher interest rates = higher monthly payments.) Home values returned to the historical price appreciation trend line instead (as opposed to the astronomical price increases in 2021 and early 2022.)

A home that may have sold for $500,000 is selling for closer to $400,000 now.

So what does this mean? The market is becoming more balanced.

What does this mean if you want to buy in the next 12 months?

• More opportunities to purchase a home and have a monthly payment you are comfortable with.
• The opportunity to participate in creative concessions offerings from lenders and sellers.

What does this mean if you want to sell in the next 12 months?

• You'll still benefit from the unprecedented increase in sales prices that came over past 2 years.
• You get the opportunity to enter into a more settled buying market after selling.
• Working with the right agent is crucial. Pricing your home properly could mean the difference in selling for your asking price in a 14 days or having your home sit on the market for 90 days

If you're ready to learn more about this changing market or connect with our team today, Schedule A Meet Up at?6thavehomes.com/contact.?