The 2022 housing market was extremely hot out of the gates, but the market is showing multiple signs of slowing down.
Rising interest rates, increased inventory, and buyer frustration seems to be the biggest contributors to this current cooldown.
With buyers fearful of rising interest rates, many have opted out of a max mortgage and are choosing to stand on the sidelines and see how things play out over the coming months. We expect to see more listings hitting the market, and the full effects of the rate hikes are still months away from coming to the forefront.
Some would consider the recent surge in active listings a 2nd coming of the 2022 Spring market. However, multiple offers and bidding wars are few and far between this time around. It appears that the Buyers have had enough, and are narrowing in on properties that are not holding offer dates, with list prices that are much closer to the expected sale price. Sellers would be wise to re-evaluate their listing strategies as right now a more traditional "Offers Welcome Anytime" strategy is likely to have more success.
We would be happy to consult on any buying or selling tips during this period of market cool down. Please feel free to comment or reach out to our team directly.