August 2022 National Market Update, Pt 4
Are We Heading For A Market Crash?
Is the market crashing? After 2 years of an unprecedented real estate market, are we finally going back to normal? The market is normalizing, not crashing. What does the shift in the market mean? Will we continue to see spikes and swift changes in the coming months. Again, I love to refer to what the experts are saying. With the number of homes currently selling slowing down, we are seeing the market start to look more like it did before 2020. According to the National Association of Realtors, projections are showing home sales return. Now, the last two years have been unprecedented in terms of the sale of homes. Going back down to numbers like 2019 is not a bad thing, we had a good market at that time! But there is still more work to be done to get to that point.
What Do The Experts Think Will Happen?
Danielle Hale, Chief Economist with Realtor.com says, “Active inventory continued to grow, rising 21% above one year ago…In other words, we’re starting to add more options, but the market needs even more before home shoppers have a selection that’s roughly equivalent to the pre  housing market.” Also, interest rate hikes have made it harder for buyers to qualify, but it’s not much different than what they were experiencing over the past year where they have to offer significantly over asking to even be in the running to get their offer accepted.
What Does This Mean For You?
There are options and we can help you analyze things you may not be thinking about when making a decision about buying. Connect with my team to learn more about the market and if it’s the right time for your next real estate move.