THE SKY IS NOT FALLING! This is just what a normal real estate market looks like…
Look at any headline lately and it would seem the Real Estate market is headed for a crash. But if you look at the overall nationwide numbers and really delve into the actual stats it turns out we are more likely just entering a more normal market. As opposed to the crazed pent up Covid frenzy market we are emerging from. According to Mike Ferry Organization, the number one Real Estate Training and Coaching Company in the Nation for 45 years, here are 14 changes taking place as I am writing this:
1. Days on the market (DOM) has extended and is continuing to extend.
2. Inventory nationally is growing.
3. There are fewer Covid pandemic buyers today and less coming.
4. Price reductions are now in play.
5. Interest rates will fluctuate and continue to go up and down.
6. Having choices is good with more homes on the market.
7. There are fewer showings and fewer offers per listing today.
8. The projection trends MFO sees for the second half of the year are declining with less in the second half than in the first half of the year.
9. Prices are flattening out. Not everywhere-but in many areas across the country.
10. Expired listings are coming back faster than ever.
11. The number of transactions falling apart is increasing.
12. Some offers coming in now are below list price.
13. Contingencies and home inspections are back in play on offers.
14. Seller’s concessions are coming back as well. I.e.. Sellers paying buyers closing costs, seller bonuses etc.
As we continue to watch and navigate the emerging real estate market one thing is certain… and that is change. It is anyone’s guess what that actually looks like in 2023 but one thing if for sure, we will be right there, alongside learning and creating possibilities for our clients. And remember, whatever the market brings there is always opportunity.
Feel free to reach out to Regina with any of your real estate questions at 619.606.3513.