In October 2022, we’ve continued to see a shifting market in favor of buyers.
Across the board, home sales are down and days on the market are up. However, in some communities with lower inventory, we are seeing days on the market stay relatively consistent. And from our own experience, while it is taking longer to sell a home, if the home is in a highly desired neighborhood, priced right and marketed well, we’ve still seen homes go under contract quicker than the new average.
What you will notice is that while sales are down, home values are still up year over year (YOY). What this means is you can still feel confident that your home is holding its value if you’ve bought recently but unlike the past 2-3 years, you won’t see your home value increase at the same rate we’ve seen.
For buyers, longer days on market means you have more houses to choose from, less bidding wars and you have a much better chance at getting a home of your choosing. And while interest rates are up, many lenders are getting creative and offering products to help with that.
For questions about the market or your home, call, DM or email us at info@reidrealtors.com. We’d love to answer any questions or help with your real estate needs.
