Our Vice President of Brokerage Development, Daphna Fields, provides a brief snapshot of Real Estate market conditions and trends in August 2022. Read on for her expert advice!
What are your feelings on the direction of the market in August?
Increasing interest rates have added some headwinds to a normal seasonal slow down.
Buyer demand is still outpacing supply and while the pace of price appreciation is moderating, many homes are still seeing multiple offers and are selling over the asking price.
What should buyers and sellers be aware of during the course of the next month?
The news can be negative and confusing. It's very important to have professional, experienced and local experts advising you.
With the right guidance, there may be more opportunities for sellers and buyers now than there were just a couple of months ago.
In the longer term, what do you predict for the next 6-12 months?
Home affordability and lack of adequate supply will continue to be the biggest challenges for buyers in the coming months. The good news is that the unsustainable and frenetic pace of the market is slowing down. This will give buyers some time to make well informed decisions, and will be very helpful for consumers who need to buy and sell concurrently.
If you have any questions about the Massachusetts real estate market, please contact Gibson Sotheby's International Realty.
